Wednesday, Oct 26, 2016
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Facebook shares grow 30% on mobile income

Facebook Inc. shares soared almost 30 percent Thursday after reporting earnings late Wednesday that easily beat analysts’ forecasts, thanks to higher revenue from ads on mobile devices.

Facebook began showing mobile advertisements for the first time in the spring. It reported after the market closed Wednesday that those ads accounted for a whopping 41 percent of its total advertising revenue in the most recent quarter.

Those numbers evaporated doubts about Facebook’s ability to capitalize on the mobile market, and trading volume in company shares rocketed Thursday.

The stock closed at $34.36, up $7.85 a share. It was priced at $38 when the company went public in May, 2012.

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