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THE WALL STREET JOURNAL
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Facebook Quarterly Profit Jumps 71%
Facebook on Wednesday said profit rose a better-than-expected 71% in the second quarter, as the social-media giant benefits from expanding its use of ads.
Quarterly revenue rose 45% to $9.3 billion and surpassed the average analyst estimate of $9.2 billion on FactSet.
Facebook's formidable ad business, along with Alphabet's Google, soaked up 99% of the online ad industry's growth last year, according to Pivotal Research. But while growth is still rapid, Facebook has warned that the number of ads in its news feed--its primary source of revenue--is hitting a ceiling.
In the quarter, Facebook launched several new products to help advertisers more finely target their desired audience, such as one that aims to show ads to all the members of a particular household. Such highly targeted ads tend to be more lucrative for Facebook, analysts say.
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