Shares in Facebook have surged upwards, bucking the underlying trend of late, as some better than expected mobile ad numbers perked interest from buyers.
In fact, this morning shares in Facebook rose no less than 20 per cent off the back of the news, the Guardian notes.
At the time of writing this report, they stand at $23.42, up from the $20 mark, or just under, where they’ve been stuck since the initial plunge from the heady heights of the initial $38 price.
Apparently, Facebook’s mobile ad business now accounts for 14 per cents of its ad revenue, which is the healthier than the expected figure (it’s bringing in around $150 million now).
Facebook has been beavering away trying to strengthen the mobile side of its business, as the mobile arena is where the future lies, a fact investors are well aware of. It seems that effort may now be paying dividends…
According to the Guardian, Citi Research analyst Mark Mahaney told clients in a note: “What investors have for the first time since the Facebook IPO is fundamentals acceleration with a reasonable valuation.”