Facebook is riding high off all of your likes and shares.
The company went into its second-quarter earnings report with high expectations from analysts, who expected to see 50 percent growth to $6 billion in revenue and earnings of 82 cents per share. And the company didn’t disappoint. The social network even blew past that high bar with $6.4 billion in revenue and earnings of 97 cents per share.
Shares jumped as much as 7 percent immediately after the report was released, up from the market close of $123.34 per share.
It was a positive report across the board. The company said 1.13 billion people have made the network a daily habit. And Facebook said that it now has 1.71 billion monthly active users, up 20 percent from the same period last year.
That’s more than the combined population of the United States and China — and China is a market that Facebook hasn’t even cracked yet.
Facebook’s growth also continues in mobile, which is crucial as more people turn to their smartphones rather than their computers to use the Internet. Facebook reported that it has now reached 1.57 billion mobile users and said that mobile advertising now makes up 84 percent of its total ad revenue. Facebook is also now making more off users than ever before — about $3.82 per user. In the United States and Canada, that value goes up to $14.34 per user, up from $9.30 for the same period last year.
Facebook and Google are the clear leaders in the digital advertising space, claiming more than 40 percent of the market between them, according to advertising analysis firm eMarketer. Facebook has roughly 11 percent of the digital ad market, up from 10 percent last year.
The dominance of the two firms in the digital advertising space was cited as one reason that Verizon acquired Yahoo earlier this week — a bid to catch up to those two giants. The earnings also stood in sharp contrast to Twitter, which reported its smallest-ever quarterly growth Tuesday.