Category: Markets / Finance / October 31, 2013 3:11 PM EDT
Facebook Inc. (NASDAQ: FB) said on Wednesday revenue during the fiscal third-quarter soared 60 percent to $2.02 billion, compared with $1.26 billion a year ago. Net income for the quarter increased to $425 million, or 17 cents a share, compared to a loss of $59 million, or 2 cents a share, a year earlier.
“The problem, with at least what the CFO was talking about, was that lack of demand from some of the young teenage viewers,” said Mark Newton, chief technical analyst at Greywolf Execution Partners. “They’re not using it as much. They are getting a large amount of growth from the mobile, but only half of the revenue from the mobile. So that’s going to continue to be an important area to grow for them in the future.”
On Thursday, shares of Facebook rose 2.25 percent to $50.10 in afternoon trading.