Facebook shares are soaring on Thursday after posting stronger than expected earnings this week.
As the market opened, shares in the company rose more than 10 percent to $119.79, and are still at 119.06 as midday approaches.
The sudden rise comes a day after the company crushed its profit, revenue and user growth expectations, with incredibly strong earnings all over the board with mobile users and revenue increasing and engagement on the rise.
Founder and CEO Mark Zuckerberg also proposed a new class of stock in the firm, a non-voting class C, that would bring in more capital while assuring Zuckerberg has control of the company for the long term. The move has however yet to be approved by current shareholders.
Video growth was also especially strong, most notably on the company’s Instagram service. All those positive factors revealed in the earnings combined to give around a ten percent increase in the share price.
Larry Banks is a keen follower of technology and finance. He has worked for a variety of online publications, writing about a diverse range of topics including mobile networks, patents, and Internet video delivery technologies.