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Facebook stock hits record high on growth reports

Mobile business spurs strong surge in profit, revenue

Facebook stock hits record high on growth reports

Facebook saw its share price hit a record high after the social giant announced forecast-beating growth in revenue and profit, online media reported.

Yesterday's news of video user numbers put the company on a par with traditional media as an advertising channel. Facebook claims 8bn video views daily (100% growth from the 4bn reported in April), but has come under fierce criticism from online video specialists for alleged dishonesty in how it counts those views.

Chief operating officer Sheryl Sandberg said Facebook's website and its photo-sharing Instagram app now represent one in every five minutes spent on mobile devices in the US.

"In the medium to long run, we believe that we're not competing between Facebook and Instagram. We're competing with other forms of media," Sandberg reportedly told analysts.

Facebook claimed 1.55bn monthly active users as of 30 September, up 14% from Q3 2014. Almost 90% of those used mobile devices to access the platform.

"Growth is happening across the board and we're of course looking for a lot of growth in the future in emerging markets," Sandberg said in an interview. "We're also pretty focused on helping bring the next set of people who are not online, online."

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