SOCIAL MEDIA
Facebook sees jump in earnings, users

Mobile advertising accounted for more than half of Facebook’s total ad revenue in the final quarter of last year, a sign that the social network born a decade ago in the desktop computer era is succeeding in its goal of being “mobile first.”

Facebook’s earnings and revenue handily surpassed Wall Street’s expectations for the third quarter in a row as it further expands the number of users and the amount of money it makes on mobile ads.

“If 2012 was the year where we turned our core product into a mobile product, then 2013 was the year where we turned our business into a mobile business,” chief executive Mark Zuckerberg said in a conference call with analysts. “I expect 2014 will be the year where we begin to deliver new and engaging types of mobile experiences.”

Facebook said Wednesday that it earned $523 million, or 20 cents per share, in the October-December quarter. That’s up from $64 million, or 3 cents per share, a year earlier. Adjusted earnings were $780 million, or 31 cents per share, in the latest quarter, 4 cents ahead of analysts’ estimates. Revenue grew 63 percent to $2.59 billion, from $1.59 billion. Analysts, on average, had expected revenue of $2.35 billion.

Facebook’s stock soared 12 percent in extended trading after the results came out.

Facebook had 1.23 billion monthly users worldwide at the end of 2013. Of these, 757 million signed in at least once a day, up 22 percent from a year earlier.

— Associated Press

BOND FUNDS
Industry giant promotes 4 officials

Pimco on Wednesday promoted another four of its top investment managers into more strategic roles, expanding the pool of potential successors to the fund management firm’s co-founder and star bond picker Bill Gross following the sudden resignation of his previous heir apparent.

Mark Kiesel, Virginie Maisonneuve, Scott Mather and Mihir Worah, currently managing directors at Pimco, or Pacific Investment Management, will become deputy chief investment officers, the company said in a statement.

They will join Dan Ivascyn and Andrew Balls, who were appointed last week after Mohamed El-Erian, the chief executive who shares the chief investment officer role with Gross, abruptly announced plans to resign.

— Reuters

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