Facebook Reports Surge in Revenues, Boosting Shares
Social media giant Facebook has beaten market expectations, reporting profits of $523 million for the fourth quarter and annual profits of $1.5 billion. Advertising revenues have increased 76 percent over the past year, largely due to strong mobile advertising. Mark Zuckerberg’s networking site now has more than 750 million daily global users. While some may have doubted the network site’s market potential in the past, investors will be clicking their thumbs up buttons today over news that Facebook shares rose more than 10 percent based on the profit report.