Fed's New Rate Hike Eye Infections Money-Saving Tips Huawei Watch Ultimate Adobe's Generative AI Tips to Get More Exercise 12 Healthy Spring Recipes Watch March Madness
Want CNET to notify you of price drops and the latest stories?
No, thank you
Accept

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.

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.