The social networking website Facebook had once again an excellent quarter. Its second-quarter earning report showing the all-time high stock price of $123.34 has amazed everyone.
According to TechCrunch, The social network continued steady growth just slightly slower at 3.63% compared to last quarter’s 3.77%. The company’s great earnings of 97 cents per share and revenues of $6.44 billion beat the predictions of the analysts. The market experts had expected 82 cents per share on revenues of $6.02 billion.
Facebook’s easy-to-understand social networking services raked in $2.05 billion in profit, compared to $719 million a year ago, while average revenue per user is now $3.82, up a massive 15% from last quarter.
Moreover, after years of its efforts, the king of social media has collected $23 billion in cash on hand in case it wants to acquire any other company. In 2014, it purchased the Internet-based messaging service WhatsApp.
With the growth of 59% income year over year, Facebook beats the competitor Twitter, which yesterday said that its revenue growth was down to 20% from 60% a year ago. The 84% of Twitter’s ad revenue come from the smartphones; the total ad revenue was $6.24 billion.
“Our community and business had another good quarter, We’re particularly pleased with our progress in the video as we move towards the world where the video is at the heart of all our services,” said Facebook CEO Mark Zuckerberg.
The first earnings of Facebook come from the advertising and the video ads. The company’s entire ad earning increased 63 percent from a year ago to $6.24 billion. The most exciting thing is that Facebook now gets 2 billion searches per day, up from 1.5 billion a year ago. People are mostly interested in talking about what the other people are discussing.
The other products by the company also enjoyed big milestones. Facebook Messenger hit 1 billion active users, thanks to the end-to-end encryption option, which was recently introduced in the app.
The success of Facebook is the result of its efforts for introducing various new services in its app. It recently launched the secret messaging feature on its Messenger app. The option allows the users to encrypt some of their secret messages. The feature will provide users of Facebook Messenger with the possibility to protect and hide any particular media file or text message, which the user considers private.