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Tue October 23, 2012
After Bad Day For Market, Facebook's Revenue Rise Boosts Stock
Originally published on Tue October 23, 2012 7:29 pm
Wall Street's bad day — the Dow Jones industrial average fell more than 240 points (1.8 percent) — has been followed by something unusual these days: good news about Facebook's shares.
The social media giant's stock is up about 10 percent in "after-hours" trading, to more than $21, because it just reported an increase in third-quarter revenue, to $1.3 billion from about $950 million in third-quarter 2011. The revenue was also about $300 million greater than analysts had been forecasting, Bloomberg News says.
What's more, as The Wall Street Journal notes, while the company "posted a loss of $59 million, or 2 cents a share," that was about $300 million better than expected.