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Facebook Q2 profit up 31 percent

Staff Writer |
Facebook reported a 31 percent jump in the profit for the second quarter.

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However, shares of the social networking giant plummeted nearly 8 percent in extended session after its revenues and monthly active users fell short of Wall Street's expectations, as the company continues to be haunted by its controversy regarding the misuse of user data.

Menlo Park, California-based Facebook's second-quarter profit rose to $5.11 billion or $1.74 per share from $3.89 billion or $1.32 per share last year.

Revenues for the quarter surged 42 percent to $13.23 billion from $9.32 billion last year.

Daily active users rose 11 percent to 1.47 billion on average for June 2018, while monthly active users also rose 11 percent to 2.23 billion. Analysts were expecting monthly active users of about 2.25 billion.

Mobile advertising revenues continue to be dominant contributor to ad revenues as it represented 91 percent of advertising revenue for the quarter, up from 87 percent last year. Total advertising revenues surged 42 percent to $13.04 billion.

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