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Facebook stock jumps 9% to record high after $ 5 billion in profit



Facebook Inc. FB,
+ 7.56%
Shares of more than 7% to record highs on Friday morning following a earnings report showing the social media company raised more than $ 5 billion in profits despite a global pandemic and targeted boycott -advertise. Facebook’s stock opened at $ 255.82, 9.1% higher than Thursday’s closing price, giving it a market capitalization of about $ 730 billion. A major advertiser pledged to boycott Facebook in July to protest its inability to prevent posts of hate, violence and misinformation on its platform, but the company said Thursday afternoon that it doesn’t expect much to change financially as result. “We expect the year-over-year earnings growth rate of our full Q3 to be roughly similar to this”

; quarter that was reported Thursday, Chief Financial Officer David Wehner said f conference. Facebook shares gained more than 23% this year, as did the S&P 500 SPX index,
-0.24%
increased 0.5%.


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