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.

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