NEWS WRAP: Facebook’s growth and earnings continue to exceed expectations

Facebook has beaten earning projections for eight quarters in a row, announcing it has posted $2.91 billion in revenue and $0.42 EPS for this year’s second quarter.

Wall Street estimates had Facebook’s revenue at $2.81 billion and $0.32 EPS.

The service is growing twice as fast on mobile, compared to its services as a whole, with 1.07 billion mobile monthly users, and 654 million daily mobile users.

Advertising revenue from mobile now makes up 62% of Facebook’s total ad revenue.

OS X Yosemite planned for late Oct

Sources tell 9 to 5 Mac that Apple is planning to launch its next-generation Mac software, OS X Yosemite, in October, a month after iOS 8’s intended launch date.

They say Apple plans to continue releasing OS X Yosemite developer previews every two to three weeks until a final developer preview is seeded on September 29.

The company is also finishing up work on both a smaller MacBook with a high-resolution display and a new desktop computer, either an iMac or a standalone monitor, with a 4K resolution screen.

YouTube Music head quits

In a setback to YouTube’s effort to launch a music subscription service, Chris LaRosa, YouTube’s product manager in charge of music, is leaving Google to join a startup.

It’s unknown which startup LaRosa will be joining.

He’s the second person in charge of YouTube’s music service to leave in the past 12 months.

Overnight

The Dow Jones Industrial Average is down 26.91 to 17,086.63. The Australian dollar is currently trading at US94 cents.