Facebook posted earnings of 31 cents per share on revenue of $2.59 billion in its fourth quarter, beating Wall Street's consensus estimate of 27 cents on sales of $2.33 billion. As for details, monthly active users came in at 1.23 billion, up 16%. Newslook
A view of an Apple iPhone displaying the Facebook app's splash screen in front of the login page.(Photo: Karen Bleier, AFP/Getty Images)
Wall Street is finding a lot to like about Facebook.
Shares of the social network skyrocketed 16% at the market open to $62.11 after dazzling investors with its fourth quarter sales and profit forecasts.
The percentage of monthly users who log in every day is up to 62%, and the fourth quarter was the first time where more than half of Facebook's revenue was generated from mobile.
After a slump leading into the middle of last year, Facebook stock has exploded. On July 24, Facebook shares closed at $26.51. It has more than doubled thanks to the social network's ability to court advertisers for mobile.
The company boasts 945 million mobile monthly active users, up 39% from the year before.
Meanwhile, tech giant Google's stock is up 2.5% following news that it's selling handset manufacturer Motorola to Lenovo for $2.91 billion.
As part of the deal, Lenovo will obtain rights to Motorola branding and its products, such as the recently launched Moto X smartphone. Google will retain most of Motorola's patents, licensing some of them to Lenovo.
"This move will enable Google to devote our energy to driving innovation across the Android ecosystem, for the benefit of smartphone users everywhere," said Google CEO Larry Page in a statement.
Google may share insight into the Motorola deal after the markets close Thursday, when the company reports quarterly earnings.
Also reporting earnings on Thursday: Amazon. The online retailer will announce results for the company's holiday quarter. Last month, Amazon revealed the 2013 holiday was their best ever, as consumers ordered 36.8 million items on Cyber Monday.
Follow Brett Molina on Twitter: @bam923.
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