Facebook shares soar 20% on second quarter profits

Facebook shares rose by as much as 20% overnight on news the firm beat analyst expectations on profits and earnings.

The social networking site reported a $562m profit, compared to a loss of $157m in the second quarter last year. Revenues rose on the same period last year, up 53% to $1.81bn and ahead of analysts' expectations of $1.62bn. Earnings per share of 19 cents also exceeded expectations of 14 cents per share. Facebook founder Mark Zuckerberg said mobile advertising, which rose from 30% to 41% of revenues, was a major catalyst for the better-than-expected results. "We have made good progress growing our community, deepening engagement and delivering strong financial results, especially ...