LIVE: Facebook Reports Q2 Earnings

Revenues: $2.81 billion

EPS: $0.32

We're updating this post live as the news comes in so click here for updates - and apologies for the typos!

Here's the context going into the call:

Facebook won the World Cup, no matter which numbers you're looking at. There were 1.2 billion posts and comments made on Facebook during the games. That might translate into an uptick in monthly active users.

Facebook acquired LiveRail, a video adtech firm, and it also began running video ads in users' news feeds. Analysts will be looking for any guidance on the amount of revenue that video ads create.

Facebook also created its Audience Network product, which allows clients to run ads in other apps using Facebook as a targeting mechanism.

Similarly, Facebook now lets advertisers use Facebook as a targeting mechanism on web sites other than Facebook.

And Facebook began testing a "buy" button in Facebook ads. That's just a test, so it probably won't be a big deal today.

However, the overall theme here is that Facebook continues to bolt on new revenue-driving products, so investors will want news of how they're contributing to the business.