Facebook shares soar in response to better-than-expected Q3 | Internet & Media – CNET News

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The social network’s shares have soared in early trading today, jumping 23 percent to nearly $24. Facebook closed the day yesterday at $19.50.

Investors are responding favorably to Facebook’s better-than-expected third-quarter earnings report that came out yesterday. The company revealed that its adjusted earnings per share hit 12 cents during the period ended September 30, beating analyst estimates by a penny. Facebook’s revenue rose 32 percent over the same period last year to end the quarter at $1.26 billion.

The big news, however, was that Facebook did a better job last quarter monetizing the mobile market. The company revealed that 14 percent of its revenue now comes from mobile devices, indicating that things are finally picking up in that critical business category.

via Facebook shares soar in response to better-than-expected Q3 | Internet & Media – CNET News.

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