What’s not to “like”?
Facebook CEO Mark Zuckerberg sure proved the naysayers wrong on Wednesday when he reported quarterly results that sent the stock soaring to a new high in after-hours trading.
Shares surged 12 percent, or $6.47, to $60 a share. The previous high of $59.31 was set earlier this month.
The social networking giant posted fourth-quarter revenue of $2.59 billion, a 63 percent jump from the year-earlier period. Revenue from advertising alone was $2.34 billion, a whopping 76 percent increase, Zuckerberg said.
The revenue bump resulted in earnings, excluding items, of 31 cents a share, compared to 17 cents a share in the fourth quarter of 2012. Wall Street analysts were expecting 27 cents a share.
Zuckerberg attributed the massive rise to its burgeoning mobile-advertising strategy, which accounted for 53 percent of total ad revenue, up from 23 percent a year earlier.
Facebook took a hit in October, when Chief Financial Officer David Ebersman admitted in a conference call with analysts that while the number of teens using the site remained stable from the second quarter to the third quarter, there was a slight drop in how often they came to the site.
That news sent the shares down with a thud at the time.
On Wednesday, a JPMorgan analyst asked about “teen-engagement trends” in the fourth quarter, but it seemed as if Facebook executives had learned their lesson and dodged the question.


