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Tuesday 16 September 2014

Facebook shares hit record high

Published 30/01/2014 | 07:07

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Instagram grew by 23pc

Facebook's stock is soaring after the social networking company reported stronger-than-expected results for the fourth quarter, fuelled by strong mobile advertising revenue.

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Facebook, which turns 10 next week, said that more than half of its advertising revenue now comes from mobile.

That's a big milestone considering it only started showing mobile ads in 2012. Investors fretted at the time that it wouldn't be able to evolve into a "mobile-first" company. The quarter's results are a sign that it has.

At the end of 2013, more than three-quarters of Facebook's 1.23 billion users - 945 million - logged in using their mobile devices at least once a month.

Facebook's stock is up 8.77 dollars, or 16%, to 62.30 dollars in midday trading in New York. It hit a record high of 62.44 dollars earlier.

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