Facebook had a strong second quarter, reporting revenue of $9.32 billion, up 45 percent from the same period last year, showing that it still does a big advertising business even as revenue growth in that area is slowing.
The social network's second-quarter revenue beat the $9.2 billion that Wall Street was anticipating. It was the fourth consecutive quarter that year-over-year revenue growth declined. Mobile advertising revenue made up about 87 percent of Facebook's total advertising revenue, an increase of 3 percent.
Earnings per share, which came in at $1.32 for the quarter, also bested the $1.12 per share that analysts were expecting.
Facebook, which is led by CEO Mark Zuckerberg, now has 1.32 billion daily active users, up 17 percent year-over-year, and 2.01 billion monthly active users, also up 17 percent.
Facebook has spent the better part of the last year working to grow video on its platform. Last spring, it introduced live broadcasts and began paying some publishers and individual talent to post broadcasts using the technology. Now, the social network is focusing on pumping its new video tab full of highly produced clips and shows that will keep people coming back — and watching more advertising.
Facebook has struck deals with digital video producers such as BuzzFeed and Vox Media for short videos that can be serialized, and has also been buying TV-style projects, among them competition series Last State Standing from American Ninja Warrior producer A. Smith & Co.
Facebook shares closed the day flat at $165.61. After an initial decline of more than 1 percent afterhours, the stock rebounded and was trading up less than 1 percent.
