Facebook beats profit forecasts, revenue rises

Facebook surprised Wall Street with stronger-than-expected earnings for the second quarter Wednesday on a sharp rise in revenues, sparking a 16 percent jump in its share price in after-hours trade.

"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 Facebook chief Mark Zuckerberg as the social network reported a profit of $331 million for shareholders.