Facebook’s market value has soared to more than $100 billion according to the latest financial figures.
The surge in the social network giant’s value has been accredited to its huge success with mobile advertising.
Figures also showed the stock had increased to $41.60 and even as much as $41.64, a figure representing the highest intraday since Facebook first went public on May 18, 2012. At that time, Facebook shares opened at $42.05.
Facebook CEO, Mark Zuckerberg, had previously hinted at the importance of mobile to the social networking giant, suggesting last month mobile advertising on smart devices such as tablets and smartphones generated 41% of its advertising revenue in the second quarter.
In fact, mobile advertising revenue soared a total of 75% in total, playing a significant role in helping boost figures from a loss of 157m to a profit of £333m in the second quarter.
It now appears Facebook has finally found a way to woo back Wall Street after a rocky relationship, which has seen constant questions being raised over its ability to make money. Zuckerberg will also feel quite vindicated in his backing of mobile ads at the firm’s first shareholders meeting, where angry shareholders demanded reassurances on the future value of their stock.
The figures represent an impressive turnaround for the social networking site, as back in September its stock plummeted to as low as $17.73. The fact it is now valued at over $100bn means it has doubled its value since its 52-week low.
News brought to you by ClickThrough – a provider of SEO Services & Pay Per Click strategies.