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Facebook stock jumps after company beats on earnings and says it will spend less

Facebook reported a much-higher quarterly profit, driven by surging sales of mobile video ads, as its advertising revenue grew at more than twice the rate of larger rival Google.

The company also said on a conference call to discuss the results that 2017 expenses would rise less than previously forecast -- it's now saying that expenses will go up 40 to 45 percent, instead of 40 to 50 percent.

The stock jumped as much as 4 percent to a record high after Facebook announced that news.

Here are the key second-quarter metrics:

  • EPS: $1.32 vs. $1.13 expected, according to Thomson Reuters
  • Revenue: $9.32 billion vs. $9.2 billion expected, according to Thomson Reuters
  • Mobile ad revenue: $8 billion vs. $7.68 billion expected, according to StreetAccount
  • Monthly users (MAUs): 2.01 billion vs. 1.98 billion expected, according to StreetAccount
  • Capital expenditures: $1.44 billion vs. $1.73 billion expected, according to StreetAccount

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