Facebook nears $3 billion in quarterly revenue while crushing Q2 estimates

Summary:CEO Mark Zuckerberg offered a succinct, if not humble, reflection in prepared remarks: "We had a good second quarter."

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With most analyst eyes on mobile ad returns, Facebook reported second quarter earnings after the bell on Wednesday.

The world's largest social network reported a net income of $791 million, or 30 cents per share (statement).

Non-GAAP earnings were 42 cents per share on a revenue of $2.91 billion, a whopping increase of 61 percent from the same quarter last year.

Wall Street was expecting earnings of at least 32 cents per share on a revenue of $2.81 billion.

In the wake of crushing analyst estimates, CEO Mark Zuckerberg offered a succinct -- if not humble -- reflection in prepared remarks: "We had a good second quarter."

The total monthly active user (MAU) count hasn't budged all that much (at least from a macro viewpoint), jumping from roughly 128 billion last quarter to 1.32 billion as of June 30.

Mobile has been at the forefront of Facebook's revenue strategy for some time now.

Mobile MAUs were 1.07 billion as of June 30, up 31 percent year-over-year. Additionally, mobile advertising revenue accounted for 62 percent of total advertising revenue during the second quarter, up 41 percent year-over-year.

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The Facebook Developers team revealed more details on Tuesday as to how the Menlo Park, Calif.-headquartered company is using device-level targeting to improve mobile app ad performance.

Up until now, Facebook has only offered such tools for targeting iOS and Android devices in general. The social network is planning to roll out device-specific targeting features, for smartphones such as a Samsung Galaxy S5, iPhone 5s, or an HTC One, within the next week.

Looking further ahead, analysts expect Facebook to deliver Q3 earnings of 34 cents per share on a revenue of roughly $3 billion.

Slides via Facebook Investor Relations

Topics: Mobility, Apps, Data Management, Privacy, Social Enterprise

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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