Facebook Shares Soar To Record High On Solid Earnings Report

Take a wild guess which technology company now has a higher market capitalization than the mighty Oracle? Facebook, as it turns out. In the latest turn in what has been a wild ride (in both directions) since going public, Facebook's stock has surged on solid earnings to a record high. Now, the world's dominant social network is worth $76.74 per share on the NASDAQ.


All told, this puts Facebook's market value at just under $200 billion, and a host of brokerages have raised their price targets on the stock. In other words, don't be surprised to see it reach $100 per share in the next year or two.

The reason behind the lift? News that its mobile advertising revenue was up a staggering 151% in Q2, which made up around 62% of overall ad revenue. At long last, Facebook seems to have a handle on mobile, and it's growing like crazy. After IPO'ing at $38 in 2012, the stock has transformed since. Many of Facebook's moves have caused controversy, but it's hard to argue with the numbers. 
Via:  Reuters

blog comments powered by Disqus