Facebook Stock Opens at All Time HighBy: Josh Wolford - July 24, 2014
On the heels of a strong earnings report, Facebook stock soared in after hours trading and has carried that momentum into pre-market trading, hitting an all-time high.
Wednesday afternoon, Facebook released its Q2 earnings, reporting revenue of $2.91 billion – up 61 percent year-over-year. Revenue from advertising was up 67 percent, with 62 percent of that coming from mobile. COO Sheryl Sandberg announced that the company now has over 1.5 million active advertisers.
“We had a good second quarter. Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world,” said Zuckerberg.
Not only was revenue up (beating expectations), but user totals also climbed in the second quarter. Facebook now boasts 1.32 billion monthly active users, up 14 percent year-over-year.
All of this pushed stock to the brink of an all time high at close on Wednesday at $71.29 (the stock hit $72 in March, only to fall a bit over the past few months).
But now, Facebook stock has in fact hit an all-time high. Shares were set to open as high as $78.13 (nine percent higher) in pre-market trading, but have now officially opened the day around $76.
Quite a long way from August of 2012, when the stock price was flailing and resided somewhere in the upper teens. Show the street you can make money (especially with mobile advertising), and oh how things can change.