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Stocks Come Off Highs as Facebook Rally Fails to Lift Tech Stocks

Facebook Inc. was 3% higher on Thursday after the social media giant reported second-quarter earnings and sales that topped Wall Street expectations. Facebook earned $1.32 a share in the quarter, surpassing estimates of $1.12. Revenue was $9.32 billion, which exceeded Wall Street estimates of $9.2 billion.

Advertising revenue jumped 47% from a year earlier to $9.16 billion, easily beating projections of $9.02 billion. Mobile ad revenue made up 87% of Facebook's total ad revenue during the second quarter, up from 84% a year earlier. The company reported 1.32 billion daily active users during the quarter and said it had just more than 2 billion monthly active users for the first time ever, which was more than analysts expected.

Facebook is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB? Learn more now .

"Overall, we view this as a great quarter for Facebook," said Cramer and the AAP team. "The company continues to over-deliver on the lofty expectations set by investors, even with the company continuing to spend to grow in scale."

James "Rev Shark" Deporre isn't as optimistic, though. Facebook's recent run is already stretching the Nasdaq, he wrote in his column for our premium site for investors, Real Money. Get his insights with a free trial subscription.

Large-cap tech stocks were largely in the red on Thursday afternoon. Apple Inc. (AAPL) , Alphabet Inc. (GOOGL) , Nvidia Corp. (NVDA) and Netflix Inc. (NFLX) were lower, while the Technology Select Sector SPDR ETF (XLK) fell...


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