Shares of Facebook rose as much as 10% in after-hours trading as the company’s earnings and revenue were slightly ahead of Wall Street’s expectations. As of the close, the stock had fallen almost 50% from its initial public offering in May.
Overall, Facebook posted 32% revenue growth in the quarter compared with the period last year. That growth is flat with the prior period—its slowest rate in at least a year—and down from the 45% growth posted in the first quarter of this year.
But many investors appear to be focusing on where Facebook’s ad revenue is coming from: The company said that 14% of its advertising sales in the period came from mobile devices. That percentage amounts to roughly $150 million.
Facebook has been dogged by criticism of its ability to make revenue from the growing use of its site on mobile phones.