Facebook doubles profit, but sees cooling growth

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Image Credit: Reuters

San Francisco: Facebook on Wednesday reported its profit doubled in the recently ended quarter as digital advertising surged, but warned of cooler growth in the months ahead.

Profit jumped $10.4 billion on revenue of $29 billion, with the number of people using the social network monthly climbing to 2.9 billion, Facebook said in a second quarter update that sparked an after-hours selloff.

“We had a strong quarter as we continue to help businesses grow and people stay connected,” Facebook chief executive Mark Zuckerberg said in an earnings release.