Facebook shares are surging pre-market on Thursday, up by as much as 14% after solid quarterly earnings.
After the market close on Wednesday, Facebook reported a 52% spike in revenues to $5.84 billion, and a 21% jump in monthly active users (MAUs) to 1.59 billion.
Virtually every chart of Facebook’s user growth is headed in one direction, and that’s up. The company earned most of its revenues from advertising, and highlighted growth in video and Instagram monetisation.
As Business Insider’s Jillian D’Onfro wrote, the company is crushing it on mobile, and more people access Facebook from their smartphones than from any other platform.
The company’s shares are up 21% over the past 12 months and is one of the so-called FANGs (Amazon, Netflix and Google) that propped up the stock market last year.
The pre-market rally in the stock to about $107.50 per share puts it on track to open at the highest levels since November.