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Thursday, July 25, 2013 4:48:18 PM
LOS ANGELES — Facebook is turning into one of the first companies to figure out how to turn those tiny little ads on mobile phone screens into big business.
Perhaps ushering in a new era of turning the proliferation of mobile consumption of news and information on devices into a massive business, Facebook is turning the heads of Wall Street who thought it was a losing battle.
"The very negative view on Facebook is evaporating," says Colin Sebastian at Robert W. Baird. "You can't ignore a billion users."
Profit reported this week by Facebook not only blew away forecasts, but it was largely driven by a moneymaking machine inside the company linked to mobile apps. Only about a year after redoubling efforts to make money off mobile users, Facebook saw its number of mobile users explode 51% during the quarter. But more important for a company that was created for desktop computers, now 41% of advertising dollars comes from mobile users.
"They're lucky," says Rick Summer of Morningstar. "They have fantastic assets that translate well to a mobile experience."
Facebook's moves with turning mobile access into money blew away Wall Street, which has soured on the company's future. "We were wrong," was the title of a report by Richard Greenfield at BTIG, who had rated the stock a sell with a $22-a-share price target.
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