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Facebook shares soar on solid 2013 financial results

The company's shares jump above $62 on Thursday as pent-up demand for the stock breaks loose after yesterday's earnings report.

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Don Reisinger
Former CNET contributor 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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Don Reisinger

Facebook has hit a new high on Thursday after posting better-than-expected results during the fourth quarter of 2013.

In early trading on Thursday, Facebook shares jumped to $62.28, a new 52-week high for the company's shares. As of this writing, Facebook's stock has cooled off a bit to $61.19 -- a 14 percent gain.

The strong showing this morning is largely the result of Facebook's strong performance last year. Facebook said Wednesday that it generated $7.9 billion revenue last year, up from the $5.1 billion the company tallied in 2012. Facebook also grew its profits from $53 million to $1.5 billion.

The soaring shares have, of course, helped the company's value jump significantly. As of this writing, Facebook is valued at $150 billion.