Facebook profit jumps 71% 

Facebook Inc on Wednesday said profit rose 71% in the second quarter, as the social-media giant developed new products to offset concerns about slowing growth, Foxbusiness.com reports.

Facebook reported earnings per share of $1.32, up from 78 cents a year ago and compared with the $1.12 per share projected by analysts polled by FactSet. Net profit was $3.9 billion in the second quarter, up from $2.3 billion a year ago.

Quarterly revenue rose 45% to $9.3 billion from the prior year's $6.4 billion. Analysts polled by FactSet expected Facebook to record quarterly revenue of $9.2 billion.

Facebook's formidable ad business, along with Alphabet Inc'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. Last year, Facebook predicted that growth would slow in the second half of 2017.

Facebook's stock price was up 1% in recent after-hours trading.