Facebook Stock Soars On Huge Revenue Beat

Shares of Facebook Inc. soared 10% in after-hours trade Wednesday after the social network reported much stronger-than-expected adjusted earnings and a modest top-line beat. Facebook reported net income of $2 billion, or 71 cents a share, compared with $719 million, or 25 cents a share, in the year-earlier period. Excluding certain one-time items, the company reported non-GAAP earnings of 97 cents a share, versus 50 cents a year ago, and ahead of the 81 cents analysts had been expecting. Revenue for the period rose 63% to $6.4 billion, compared with $4 billion in the year-earlier period, just ahead of the consensus estimate of $6 billion, according to FactSet.