Facebook shares post biggest single-day gain
NEW YORK (AP) – Facebook shares are posting their biggest single-day gain since going public, jumping 21 percent after the social media company made inroads in mobile advertising and posted accelerating growth in overall ad revenue.
Late Tuesday, Facebook reported third-quarter results that inched past Wall Street expectations. It also gave details on how much money it made from mobile ads – which had been a concern well before its IPO. The rate of advertising revenue growth also accelerated since the second quarter.
Shares of based Facebook Inc., based in Menlo Park, Calif., rose $4.17 to $23.67 Wednesday. It’s by far the stock’s biggest one-day gain since Facebook went public on May 18. The stock is still down nearly 38 percent from its $38 initial public offering price.