Facebook profit jumps as user ranks grow

Facebook on Wednesday reported a surge in profits in the past quarter, fueled by strong growth in money-making ads to its more than two billion users. Net profit in the second quarter leapt 71 percent from a year ago to $3.9 billion while revenue climbed 45 percent to $9.3 billion. In after-hours trade, Facebook shares rose some two percent to $166.83 on the stronger-than-expected results. Recent reports suggest Facebook may be working on its own smart speaker to compete with Google Home and Amazon Echo in the budding market for home digital assistants. Facebook could also be working on a smartphone, according to paperwork recently spotted by cyber sleuths which the tech giant filed earlier this year.