Facebook In Class Of Its Own As Ad Revenue Soars

Facebook CEO Mark Zuckerberg on
Facebook CEO Mark Zuckerberg holding a pair of the touch controllers for the Oculus Rift virtual reality headsets on stage during the Facebook F8 conference in San Francisco, California April 12, 2016. Photo: Reuters

AFTER underwhelming results from Apple Inc, Google Inc and other big tech names, investors finally found a friend in Facebook Inc after the company shredded Wall Street’s forecasts for revenue, profit and user growth.

Facebook’s shares, which touched a record high of $120.79 on Thursday, closed up 7.2 percent at $116.73, giving a $22 billion boost to the social networking company’s market value.

“FB remains in a class by itself across the combination of scale, growth, and profitability,” J.P. Morgan Securities analyst Doug Anmuth said in a research note.

“While there are broader concerns of macro softness toward the end of 1Q, Facebook isn’t seeing them.”

Apple lost about $36 billion in market value on Wednesday after it reported disappointing earnings the previous day, while Alphabet shed nearly $30 billion after missing expectations.

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Source: Reuters

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