Facebook shares hit record high on mobile-fuelled revenue surge
Social media now worth $190bn, shoulder-to-shoulder with IBM
Facebook shares reached a record high in afterhours trading yesterday after the social media giant posted a 61% revenue increase for the second quarter, Reuters reported.
The surge in gross income, which eclipsed analysts' projections, came on the back of Facebook's rapidly expanding mobile advertising business, and drove stock to a price of $75.13, valuing the company at about $190bn, around the same worth as IBM.
Margins also expanded in Q2 and Facebook now claims 1.5m advertising customers and saw growth in all territories. Platform users have also expanded. Facebook said it now has 1.32bn monthly users, with around 63% active every day.
"We're seeing our existing advertisers spend more and we're seeing new people come on to the platform," said chief operating officer, Sheryl Sandberg.