Facebook lifted by mobile gains, unveils new app
NEW YORK (AFP) - Facebook shares staged a strong rally Thursday, buoyed by news of stronger-than-expected profits and sizzling gains in mobile advertising revenue.
The gains came as Facebook introduced a new mobile app aimed at becoming a social newspaper of sorts for the members of the world's biggest social network.
The stock was up 16 per cent at US$62.22 (S$79.29) in midday trade a day after Facebook reported that profit in the fourth quarter jumped eightfold from a year earlier to $523 million, raising its net income for the year to US$1.5 billion.
"Facebook's ascendancy and execution in 2013 has been near-flawless," said Deutsche Bank analyst Ross Sandler in a note to clients.