Facebook shares jumped while Google down:

Facebook shares jumped while Google down:

 

Facebook shares jumped nearly 20% in after-hours trading as Facebook surprised investors with big gains in revenue, earnings and active users for the second quarter on Wednesday. The company reported profits of $333m
(£217m) in the second quarter.

"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," said founder Mark Zuckerberg in a statement.

According to chief financial officer David Ebersman, 20 billion minutes a day were spent on Facebook in June.

"This quarter marks the end of our first year as a public company and I think we've created a good foundation for the future," said Mr Zuckerberg on a call to discuss the earnings.

So Facebook is now the world’s largest social network, with more than 900 million users.