forexsq - Facebook shares Wednesday posted their biggest daily gain since the company's initial public offering in May, and one day after the social network reported strong revenue and progress on making money from mobile ads.
The social network's shares rose 19% to $23.23 on the Nasdaq Stock Market, NDAQ -2.28% its highest closing price in five weeks. Through Tuesday's close, the shares had fallen 47% from their IPO price of $38.
The results came amid intense investor scrutiny of Facebook's growth, and suggested the company is making headway on the selling of ads on mobile devices, an area seen as a driver of its future success.
"They're moving in the right direction, and it seems to be that they're picking up speed," said Kevin Landis, chief investment officer of Firsthand Capital Management. The San Jose, Calif., firm oversees about $300 million and bought 600,000 Facebook shares before the IPO.