Shares in Facebook surged Thursday, adding more than $17 billion to the social network's market cap, after an earnings report proved the company is finally tackling its mobile problems.
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CEO Mark Zuckerberg kicked off Facebook's earnings call talking about the "really good progress" the company made during the second quarter, stressing its shift to a mobile-first business.
"When it comes to mobile, I'm very pleased with the results," he said. "We have more active users on mobile than on the desktop, and soon we'll have more revenue on mobile than on the desktop."
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Facebook is effectively translating mobile growth into profits: In the last quarter, 41 percent of its advertising revenue was from mobile, up from 30 percent in the first quarter. The number blew past expectations that just one-third of Facebook's ad revenue would come from mobile.
Zuckerberg also directly addressed the speculation and concerns that teen use of Facebook is dropping.
"Based on our data, that simply isn't true," he said. "The number of teens using Facebook on a daily and monthly basis has been steady for the past year and a half, and they remain engaged."
Zuckerberg added that when Instagram, which Facebook owns, is included, teen engagement and the percentage of time spent on both platforms is growing quickly. He talked about the company's vision as connecting everyone, helping people better understand the world and assisting in building the knowledge economy.
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Regardless of that vision, the headlines from the earnings release and the conference call were all about the nuts and bolts of Facebook's growth.
Earnings came in better than expected—19 cents in non-GAAP diluted earnings per share, a nickel better than expected, and up from 12 cents in second-quarter 2012.