Facebook shares post biggest single-day gain

Facebook shares are posting their biggest single-day gain since going public, jumping 21 percent after the social media company made inroads in mobile advertising and posted accelerating growth in overall ad revenue.

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Late Tuesday, Facebook reported third-quarter results that inched past Wall Street expectations. It also gave details on how much money it made from mobile ads - which had been a concern well before its IPO. The rate of advertising revenue growth also accelerated since the second quarter.

Shares of based Facebook Inc., based in Menlo Park, Calif., rose $4.17 to $23.67 Wednesday. It's by far the stock's biggest one-day gain since Facebook went public on May 18. The stock is still down nearly 38 percent from its $38 initial public offering price.

Associated Press

Published Date: Oct 25, 2012 09:49 AM | Updated Date: Oct 25, 2012 09:49 AM