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.

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