Take that, Princeton! $FB - The Facebook reported earnings today and the stock SOARED.
So what’s the deal? The stock had sold off (like everything else) the past week, and owning a stock ahead of earnings has been a risky proposition. Many people were getting worried that FB was getting so crowded, nobody went there anymore. (Apologies and thanks to Yogi Berra). That’s actually not too far from the truth, as kids say they’re using the FB less, and maybe that’s because the parents are on and watching!
Facebook Inc delivered its strongest revenue growth in two years, beating Wall Street targets as the Internet company's mobile ad sales continued to accelerate.
Shares of Facebook surged 12 percent to $59.98 in after-hours trading on Wednesday.
"They've cracked the code on mobile," said Arvind Bhatia, an analyst at Sterne, Agee & Leach. "Within a little over a year's time mobile has taken over desktop," in terms of ad revenue he said.
Whether or not the stock can hold the after hours gains is another question. The market is getting dicey, and it seems that the stocks that led up are now leading down.