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Mark Zuckerberg announces Facebook profit hike

Facebook has seen its second quarter revenue for this year soar to £1.18bn – a 53% increase on the same period last year.

The world's biggest social network made £217m in net income from April to June, compared with a net loss of £102m a year ago, according to the company's latest financial results.

An average of 699 million people used the online social media platform each day during June, an increase of 27% on the same time last year.

The number of monthly users on mobile devices – including smartphones and tablets – rose by 51% to 819 million in June.

Facebook founder and chief executive Mark Zuckerberg said: "We've made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile."

Facebook made £1bn of revenue from advertising over the three months, which was 88% of total revenue and a 61% increase from the same quarter last year.

Mobile ads made up 41% of advertising revenue for the first quarter of 2013.Facebook was floated on the Nasdaq last May.

Belfast Telegraph