Facebook Rises as Mobile Push Fuels Sales to Top Estimates
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Facebook Inc. reached a key milestone last quarter when more than half of its advertising revenue came from mobile devices, sending shares up today to an intraday record.
The stock rose as much as 17 percent and was at $61.90 as of 1:05 p.m. in New York. The surge followed results in which revenue rose 63 percent to $2.59 billion and profit excluding some items was 31 cents a share, the Menlo Park, California-based social network said in a statement yesterday. Analysts on average had projected sales of $2.35 billion and profit of 27 cents, according to estimates compiled by Bloomberg.