FacebookThe company's second-quarter results were released after trading on Wednesday.

Facebook reported second-quarter revenue of $29.08 billion, up 56 per cent from a year earlier, the fastest pace since 2016 and up from 48 per cent in the previous quarter, with analysts expecting $27.86 billion; adjusted earnings per share of $3.61and analysts expected $3.02; net income was $10.394 billion, up 101 per cent from a year earlier, and analysts expected $8.737 billion.

Facebook said it had second-quarter advertising revenue of $28.58 billion and analysts expected $27.13 billion, including $497 million from other consumer hardware such as Oculus virtual reality devices, and analysts expected $685.5 million.

The company also said that the number of daily active users in the second quarter was 1.91 billion, while analysts expected 1.91 billion; the number of monthly active users was 2.9 billion, and analysts expected 2.91 billion.

With regard to the performance guidance for the second half of the year, Facebook expects revenue growth to continue to slow significantly year-on-year.

The share price plunged 5% in after-hours trading after the announcement of the results. By Wednesday's close, Facebook shares were up 37% since the start of the year, while the s & p 500 index was up 17% over the same period.