Boston, MA 01/31/2014 (wallstreetpr) – Facebook Inc (NASDAQ:FB) shares increased up to a record as social network website earned more than half the revenue from mobile devices in its last quarter. This was another milestone on Facebook’s track. Today the stock closed at $61.08 in New York, which means a surge of 14% for the company.
The hike in shares was seen immediately after the company announced its results which have surpassed analysts’ estimates. According to a statement from the Menlo Park, California based company, revenue had reached $2.59 billion. With this, Facebook’s revenue increased by 63% and profit was 31 cents per share, excluding for some items.
Celebration time
Facebook Inc (NASDAQ:FB)’s Chief Executive Officer and co-founder, Mark Zuckerberg, had spent most part of the last year in shaping new ways to bridge the gap between advertisers and consumers. Zuckerberg has successfully established his network as U.S. largest social network in a span of 10 years. The company is also planning to celebrate its 10th Anniversary in a Harvard University dorm room.
Recent trends show that users spend more time logging on in the portal through mobile devices. Because of this, mobile promotions have helped generate $1.25 billion in the previous quarter. The amount of sales earned from advertisements has gained 53% of their share from mobile ads. This figure was only 49% in the previous year. Also, net income in the last year was $64 million or 3 cents a share. This year, the net income has increased by more than eight times and amounts to $523 million, which means 20 cents per share.
Quality not quantity
Facebook Inc (NASDAQ:FB) CEO is now focused on bettering the quality of advertisements targeted to the website’s users in terms of relevance. They believe it would allow them to charge more from advertisers if they show users the right ads rather than just increasing the number of ads on their profile pages.
