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Home / Business / Shares in Facebook jump 9% to record high as profit reaches $ 5 billion

Shares in Facebook jump 9% to record high as profit reaches $ 5 billion



Facebook Inc. FB,
+ 7.72%
shares rose more than 7% to new levels on Friday morning after a earnings report showed the social media company raised more than $ 5 billion in profits, despite a worldwide and targeted pandemic boycott. Facebook stock opened at $ 255.82, 9.1% higher than Thursday’s closing price, giving it a market capitalization of approximately $ 730 billion. Leading advertisers have pledged to boycott Facebook in July to protest its inability to prevent hate speech, violence and misinformation on its platform, but the company said Thursday afternoon it did not expect much to change financially as a result. “We expect the level of advertising revenue growth in the full third quarter of Q3 to be roughly similar to this”

; quarter reported Thursday, chief financial officer David Wehner said in a conference call. Shares on Facebook have gained more than 23% this year, as does the S&P 500 SPX index,
-0.33%
has added 0.5%.


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