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Facebook shares up as revenue grows

Facebook's stock has soared after the world's biggest social network posted higher revenue from mobile ads and delivered a healthy second-quarter profit that reverses a loss a year ago.

Facebook said that it earned 333 million US dollars (£217 million) in the April-June period. That is up from a loss of 157 million US dollars (£102 million) a year ago.

Adjusted earnings were 488 million US dollars (£318 million), above what analysts were expecting.

Revenue grew 53% to 1.81 billion US dollars (£1.1 billion) from 1.18 billion US dollars (£770 million).

Mobile revenue was 655.6 million US dollars (£428 million), or 41% of the quarter's advertising revenue of 1.6 billion US dollars (£1.04 billion).

Facebook's stock was up 16% in extended trading.

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