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Facebook's stock skyrockets after financial and Paper announcements

Facebook sees it's stock climb after strong fourth quarter results and new "Paper" iOS app

By Charles Gantt on Jan 30, 2014 10:10 am CST - 0 mins, 45 secs reading time

This morning, Facebook's stock opened at a whopping $62.10 per share which is an increase of more than 16-percent from its closing price on Wednesday. Today also marks the first time the stock has risen above $60 since it went public two years ago. Analyst are attributing the large jump in growing investor confidence after Facebook released a strong financial report for the fourth quarter of 2013.

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Facebook reported yesterday that it had almost doubled ad revenue year-over-year to the tune of $2.34 billion, an increase of 76-percent from 2012. Facebook said that its mobile ads campaign now makes up more than 53-percent of its revenue, and with today's launch of Paper, a new app for iOS, investors continued to pour cash into the social networking giant. At the time of this writing, Facebook's stock is hovering around the $62 mark and is expected to rise slightly over the course of the day.

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Charles Gantt

ABOUT THE AUTHOR - Charles Gantt

A web developer by day, Charles comes to TweakTown after a short break from the Tech Journalism world. Formerly the Editor in Chief at TheBestCaseScenario, he now writes Maker and DIY content. Charles is a self proclaimed Maker of Things and is a major supporter of the Maker movement. In his free time, Charles likes to build just about anything, with past projects ranging from custom PC cooling control systems to 3D printers. Other expensive addictions include Photography, Astronomy and Home Automation.

NEWS SOURCES:google.com, mashable.com

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