Facebook rockets through a day of stock records

Thursday, Nov. 5, 2015, is a day that Facebook and its investors may remember for some time to come.

Menlo Park-based Facebook on Thursday set an all-time record for its stock price, closing at $108.76.

The previous record closing price for Facebook was $104.88, set on Oct. 29 of this year.

That wasn’t the only superlative for the social network, though,

Facebook on Thursday also entered the $300 billion club for market capitalization, thanks to its surging stock price.

The other members of the elite club: Cupertino-based Apple, Mountain View-based Google owner Alphabet, Washington state-based Microsoft, Texas-based Exxon Mobil, Nebraska-based Berkshire Hathaway, and Seattle-based Amazon.com.

Facebook ended Thursday with a market value of $306.44 billion.

The bump in Facebook’s stock price on Thursday came on the first day of trading after the Internet giant posted third-quarter financial results that outpaced Wall Street’s expectations.

But investors also cheered some of the details that underpinned the results.

For one thing, Facebook reached 1 billion active daily users for the first time, 1.01 billion to be precise. That benchmark, reached in September, was 17 percent higher than the year before.

For the third quarter that ended in September, Facebook earned $896 million, on revenue of $4.5 billion.

Compared to the year-ago third quarter, profits jumped 11.2 percent and revenue soared 40.5 percent.

Advertising revenue totaled $4.3 billion, which was up 45 percent from the year-ago third quarter.

Dazzled by the results, a dozen analysts upgraded their ratings for Facebook’s shares, which helped propel the stock higher Thursday.

Photo: Facebook CEO Mark Zuckerberg at a Facebook conference (Getty Images)

 

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