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Facebook Q2 revenue, profit soar amid strong increases in mobile ad spending

Menlo Park, Calif. -- Facebook Inc.’s revenue in the second quarter increased 61% to a better-than-expected $2.91 billion, up from $1.81 billion in the year-ago quarter, fueled by its fast-growing mobile advertising business.

Revenue from advertising was $2.68 billion, up 67% from last year. Mobile advertising revenue represented 62% of Facebook’s ad revenue in the second quarter, up from 41% in the year-ago period and 59% in first quarter 2014. Payments and other fees revenue was $234 million, a 9% increase from the same quarter last year.

Facebook posted $791 million in net income, compared with $333 million in second quarter 2013.

Facebook said it now has 1.32 billion monthly users. Roughly 62.8% of those users accessed Facebook's service every day in the second quarter, up from 60.8% last year.