The stock is up more than 19% in after hours trading following a Q2 report that appears to have reassured investors who feared that smartphones and tablets don’t have enough screen space for ads. Facebook says that mobile ads accounted for 41% of the total ad sales in the quarter, a big jump from 30% last year. The company generated $333M in net income, up from a $157M loss in the period last year, on revenues of $1.81B, +53.1%. The revenue number was well ahead of the $1.62B that analysts anticipated. And adjusted earnings at 19 cents a share beat forecasts for 14 cents. CEO Mark Zuckerberg drove home the main message, saying, “The work we’ve done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future.” Ad sales accounted for 88% of Facebook’s revenue, and were up 61%. The company saw $214M from payments and other fees, +11%. While the report has little detail about particular sources of income, the company says that it introduced video for Instagram in Q2, and 5M videos were uploaded in the first 24 hours.
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