Facebook Shares Soar 12 Percent on Earnings News
Facebook reported $2.59 billion in revenue in the fourth quarter of 2013 — sending shares surging 12 percent in after-hours trading. Mark Zuckerberg’s baby saw profits reach $523 million for the quarter, almost 10 times higher than last year’s $64 million Q4. The majority of the growth in revenue and profit came from the company’s advances in mobile usage of the site. FB stated that its mobile customer base grew to 945 million — a 39 percent increase over the previous year. And mobile ad revenue topped 53 percent of the company’s total haul for the quarter — the first time that segment has ever accounted for more than half of the company’s total advertising business. Total monthly Facebook users now top 1.23 billion, with 757 million logging on daily. Looking ahead, continued growth seems to be in the cards for the social media monster, but will that be enough to get you to purchase shares?