Facebook is trading at all-time highs ahead of earnings

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Scott Olson / Getty images

Facebook is set to report its third-quarter earnings after the bell on Wednesday, and the stock is trading at all-time highs ahead of the results.

Shares hit a record high of $182.69 earlier in the session, but have pulled back slightly to $181.24.

Wall Street is expecting Facebook to report earnings of $1.28 a share on revenue of $9.842 billion, according to data from Bloomberg. Of the 47 analysts surveyed by Bloomberg, 43 rate the company a “buy” while just two rate the company a “sell.”

Over the last week alone, Facebook has risen by 5.53% after many of its fellow tech giants reported strong earnings last Thursday. Amazon, Microsoft and Google’s parent company Alphabet all reported better than expected results, catapulting the tech-heavy Nasdaq 100 to its biggest one-day gain in years.

Facebook is one of the tech companies reporting to Capitol Hill this week to testify before Congress. CEO Mark Zuckerberg wasn’t there, but Facebook’s lawyers have been grilled over the company’s role in the foreign influence exercised before last year’s US presidential election.

“I think in hindsight, we should have had a broader lens,” Colin Stretch, general counsel at Facebook, said of the company’s efforts to weed and fake accounts and advertisements. “There were signals we missed.”

Facebook has gained 55.27% this year.

Read more about Facebook’s testimony to Congress here.

facebook stock price

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Markets Insider