Facebook stock jumps 9% to record high after profit tops $5 billion

Facebook stock jumps 9% to record high after profit tops $5 billion

Facebook Inc.
FB,
+8.17%

shares rocketed more than 7% to new highs Friday morning following an earnings report that showed the social-media company collected more than $5 billion in profit despite a worldwide pandemic and targeted ad boycott. Facebook stock opened at $255.82, 9.1% higher than Thursday’s closing price, giving it a market capitalization of roughly $730 billion. Major advertisers have committed to boycotting Facebook in July to protest its inability to prevent hateful posts, violence and misinformation on its platform, but the company said Thursday afternoon that it doesn’t expect much to change financially as a result. “We expect our full-quarter Q3 year-over-year ad revenue growth rate to be roughly similar to this” quarter that was reported Thursday, Chief Financial Officer David Wehner said in a conference call. Facebook shares have gained more than 23% this year, as the S&P 500 index
SPX,
+0.76%

has added 0.5%.

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