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Facebook blows the market away with 2nd-quarter gains from mobile advertising

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In this May 16, 2012 photo, the Facebook logo is displayed on an iPad in Philadelphia. THE CANADIAN PRESS/AP, Matt Rourke

Facebook shares are soaring after the social media giant reported a much-improved second-quarter revenue and profit as it pushes hard into mobile advertising.

The stock is trading at levels not seen since shortly after its IPO last year.

Facebook began showing mobile advertisements for the first time last spring. It said late Wednesday that they accounted for a whopping 41 per cent of its total advertising revenue. That advertising had been a big concern for investors since the initial public offering.

Revenue jumped 53 per cent to $1.81 billion and the Menlo, Calif., company easily topped Wall Street expectations for the quarter.

Shares jumped more than 25 per cent by midmorning Thursday and hit as high as $34 earlier in the day.

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