Facebook shares soar on impressive 2Q
NEW YORK -- Facebook shares are soaring after the social media giant reported a much-improved second-quarter revenue and profit as it pushes hard into mobile advertising.
The stock is trading at levels not seen since shortly after its IPO last year.
Facebook began showing mobile advertisements for the first time last spring. It said late Wednesday that they accounted for a whopping 41 percent of its total advertising revenue. That advertising had been a big concern for investors since the initial public offering.
Revenue jumped 53 percent to $1.81 billion and the Menlo, Calif., company easily topped Wall Street expectations for the quarter.
Shares jumped more than 25 percent by midmorning Thursday and hit as high as $34 earlier in the day.
Take ABC13 with you!
Download our free apps for iPhone, iPad, and Android devices
- South Africans mourn, celebrate Mandela
- Winter Weather Advisory issued for northern counties
- Texans fall to Jags for 11th straight loss
- New details emerge about bizarre alleged break-in
- Live: Watch Eyewitness News live now
- 5 Things to Know for Today
- Shots fired during armored car robbery on UH campus
- Live: ESPN: 2014 FIFA World Cup Final Draw 50 min ago
- President Obama remarks on passing of Mandela
- Reaction to passing of Nelson Mandela
- How Mandela changed everything with a rugby jersey
- Ice storm in North Texas cuts power to more than 250K
- Instead of drive-thru breakfast, couple gets bag of cash
- Worker dies in trench collapse in NW Harris County