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Facebook shares jump 9% to record highs after earnings of $ 5 billion



Facebook Inc. FB,
+ 7.73%
shares fell more than 7% to new highs on Friday morning after a profit report that showed social media company raised more than $ 5 billion in profits, despite a global pandemic and a targeted advertising boycott. Shares of Facebook opened for $ 255.82, up 9.1 percent from Thursday’s closing price, giving it a market capitalization of about $ 730 billion. Major advertisers pledged to boycott Facebook in July to protest its inability to prevent hateful posts, violence and misinformation on its platform, but the company said Thursday afternoon it did not expect much financial change as a result. “We expect advertising revenue growth in the first quarter of the year to be roughly similar to that”

; quarter, which was announced on Thursday, CFO David Wener said in a conference call. Facebook shares have gained more than 23% this year as the S&P 500 SPX index,
-0.00%
has added 0.5%.


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