Natalie Parkinson
2
All posts from Natalie Parkinson
Natalie Parkinson in Natalie Parkinson,

Facebook poised to hit record high after quarterly gains

Mark Zuckerberg is staring down naysayers who hammered Facebook Inc.’s stock after its debut two years ago.

Facebook shares are poised to reach a new high today after the social network topped its record close from March of $72.03 in extended trading. Fueling the rise: The company showed again that mobile advertisements are powering revenue and profit.

Facebook yesterday posted second-quarter sales that surged 61 percent to $2.91 billion, exceeding analysts’ average estimate of $2.81 billion. Mobile promotions accounted for 62 percent of ad sales, up from 59 percent in the prior period. Net income more than doubled to $791 million, with profit excluding some items at 42 cents a share, above the projection of 32 cents.

The results drove Facebook shares to as high as $75.45 in extended trading, after rising 2.9 percent to $71.29 at yesterday’s close in New York.

http://www.bloomberg.com/news/2014-07-24/facebook-poised-to-hit-record-high-after-quarterly-gains.html