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Facebook (FB) Stock Higher on Q2 Earnings Beat, JMP Raises Price Target

NEW YORK (TheStreet) -- Shares of Facebook (FB) are up 1.36% to $125.02 in early-afternoon trading on Thursday after the company reported an earnings and revenue beat for the fiscal 2016 second quarter.

After Wednesday's market close, the Menlo Park, CA-based social networking company reported earnings of 97 cents per share on revenue of $5.44 billion, beating analysts' estimates of 82 cents per share on revenue of $6.02 billion.

Monthly active users increased by 15% to 1.71 billion from last year and topped Wall Street's expectations for 1.69 billion users.

JMP raised the company's price target based on the "impressive results," and calls the stock one of its "top picks across the Internet sector."