- David Ramos/Getty Images
Facebook is flying high Thursday morning after posting stronger than expected earnings.
As of 12:19 p.m. ET, shares of the social media giant are up just under 9% at $118.56. The stock has been up by as much as 10% on the day.
The high-flying move comes the day after the company crushed profit, revenue, and user growth expectations. From top to bottom, the earnings looked incredible strong with mobile users and revenue still increasing and engagement picking up.
Founder and CEO Mark Zuckerberg also proposed a new class of stock, a non-voting class C, that would raise more capital while also assuring Zuckerberg control of the company for the foreseeable future. The move still has to be approved by the current shareholders.
Video growth was also strong, especially on the company’s Instagram platform.
Add all that good news up, and you get the nearly double-digit bump.
- Google Finance