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Facebook's pre-market shares soar 18%

9:04 AM, Jan 30, 2014   |    comments
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(USA TODAY) - Shares in Facebook were moving sharply higher ahead of the opening bell Thursday after the social-networking firm beat Wall Street's forecasts for sales and profit.

The firm's pre-market shares (FB) soared close to 18% after surging more than 12% in Wednesday's after-hours activity.

The social-networking giant reported net income of $780 million on $2.6 billion in revenue in the quarter. Analysts had projected Facebook would report fourth-quarter net income of $703.5 million on $2.3 billion in revenue, according to the survey of estimates from Thomson Reuters.

Ad-related revenue climbed 76% from last year. Mobile advertising is a major focus for the firm as users continue to increasingly consume content on mobile devices such as tablets and cell phones.

Google and Amazon are expected to announce quarterly earnings after the close of markets Thursday.

USA TODAY

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