Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
Facebook has stopped paying commission to staff for selling political advertisements on its platform, The Wall Street Journal reported.Technologyread more
Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the...Energy Commoditiesread more
U.S. manufacturer growth hit new lows in May, the latest sign that the economic slowdown accelerated amid the ongoing trade war.Economyread more
Wall Street is under pressure, but a handful of stocks are breaking out to new highs. McDonald's, Waste Management, Hershey, Visa and Costco have notched records this month,...Trading Nationread more
No timetable has been set on returning the money to outside investors in Tepper's Appaloosa Management, source says.Hedge Fundsread more
Huawei is winning over more and more Apple fans in China as the escalated trade tensions stoked "nationalist sentiment," according to South China Morning Post.Marketsread more
Celebrity chef Mario Batali is being charged with indecent assault and battery, more than a year after admitting to sexual misconduct.Restaurantsread more
Facebook reported earnings and revenue that beat estimates in the second quarter on Wednesday, thanks to its robust mobile ad business.
The social media network said it has 1.5 million active advertisers, up from 1 million last June.
"Strong performance across the board shows personalized marketing at scale is working," said Sheryl Sandberg, COO of Facebook. She added that Instagram is "seeing great results" in advertising but is "still taking it really slow."
The company posted earnings of 42 cents a share, excluding one-time items, on revenue of $2.91 billion, a growth of 61 percent from the same quarter last year. Shares turned higher to hit an all-time high in extended hours trading after an initial decline following the results. (Click here to get the latest quotes for Facebook.)
Analysts had expected the company to report earnings excluding items of 32 cents a share on $2.81 billion in revenue, according to a consensus estimate from Thomson Reuters.
Total daily active users increased 19 percent year-over-year, while mobile daily active users grew by nearly 40 percent year-over-year, totaling more than 650 million on average for June 2014, the company said in a release.
"What's happening here is advertisers are getting a good yield and a good return on investment with mobile ads," said Martin Pyykkonen, senior research analyst at Rosenblatt Securities. "So they're working from the advertisers' side."
Revenue from advertising was $2.68 billion, a 67 percent increase from the same quarter in 2013, the firm said. Mobile advertising, which accounted for 62 percent of advertising revenue for the quarter, grew 30 percent from last year.
"We had a good second quarter," said Mark Zuckerberg, Facebook founder and CEO. "Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world."
Mark Hawtin of GAM called Facebook's results "exceptional."
"The financials are really strong across the board. For me, what was really important was they had a beat on advertising," he said on CNBC's ". " "That's what really was needed to drive the shares higher."
The push into mobile ads has partly nudged Facebook into profitability, unlike fellow social media firms such as Twitter.
Facebook already is the second largest earner of mobile ad dollars, behind Google—it has about 22 percent of the mobile ad market to Google's recently fallen 50 percent. Twitter has slightly more than 2 percent of the same market.
Facebook's acquisitions also suggest a serious commitment to mobile. Months after its high-profile purchase of mobile messaging app firm WhatsApp, Facebook bought a small Finnish firm Pryte, which allows users in underdeveloped parts of the world gain temporary wireless access for apps such as Foursquare and Facebook itself, according to Re/code.
Recent actions signal a move into online retailing as well—the company recently tested a "buy" button feature which allows users to make purchases through ads themselves. Facebook is not taking a percentage of the the sales, but could use the feature to link payment information to user profiles, according to Janney Capital Markets analyst Tony Wible.
—By CNBC.com. CNBC's Ari Levy and Julia Boorstin contributed to this report.