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Home / Business / Facebook stocks jumped 9% to a record high of $ 5 billion in earnings

Facebook stocks jumped 9% to a record high of $ 5 billion in earnings



Facebook Inc. FB,
+ 7.69%
Shares rose more than 7% to new highs on Friday morning after a report on earnings, which showed that the social media company had won a global pandemic and targeted advertising boycott of more than $ 5 billion. Shares of Facebook opened at $ 255.82, up 9.1% from the closing price on Thursday, bringing it a market capitalization of about $ 730 billion. Leading advertisers pledged to boycott Facebook in July to protest their inability to prevent hate posts, violence and misinformation on their platform. However, the company said on Thursday afternoon that it did not expect many financial changes as a result. “We expect our year-over-year growth in advertising revenue for the third quarter to be roughly similar to the quarter reported on Thursday,”

; CFO David Wehner said in a conference interview. Facebook shares gained more than 23% this year because the S&P 500 SPX index,
-0.33%
added 0.5%.


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