Facebook shares soar as mobile strategy bears fruit

The company shares are up nearly $7 in early trading after Facebook posted a strong quarter.

James Martin/CNET

Facebook's mobile push over the last year is paying off for shareholders.

In early trading Thursday, the company's shares are up more than 25 percent to $33.20. At that level, Facebook's stock is near its 52-week high of $34, and far from its low of $17.55.

The social network's significant jump comes the day after it announced that its mobile efforts have drummed up all kinds of business . According to Facebook, which announced its earnings Wednesday, it now has 819 million monthly mobile users -- a 51 percent increase compared with the same period a year ago. As of June 30, the company had 1.15 billion monthly users and over 1 million active advertisers that helped the company generate $1.81 billion in revenue -- a 61 percent jump.

We will update this story throughout the day as trading continues.

Correction at 8:05 a.m. PT: The 819 million users are mobile users, and that number is up 51 percent from a year ago.

About the author

Don Reisinger is a technology columnist who has covered everything from HDTVs to computers to Flowbee Haircut Systems. Besides his work with CNET, Don's work has been featured in a variety of other publications including PC World and a host of Ziff-Davis publications.

 

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