Facebook reports soaring quarterly ad revenue, stock jumps
Facebook’s stock is in record territory after the social media giant reported stronger-than-expected results for the first quarter thanks to soaring ad revenue. The social media giant said Wednesday it earned $9.5 billion, or $3.30 per share, in the January-March period. That’s up 94% from $4.9 billion, or $1.71 per share, a year earlier. Facebook had 2.85 billion monthly users, on average, in March. That’s up 10% from a year earlier. CEO Mark Zuckerberg said the extra money means the company will invest more in new areas of potential growth — including augmented and virtual reality, commerce, business messaging and content creators, such as people who make videos, write newsletters and host podcasts.