Facebook Inc. (FB) 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 has added 0.5%.
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 31, 2020 09:55 ET (13:55 GMT)
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