Facebook’s (FB) mobile app has been a key aspect of the company’s revenue stream that has helped FB stock reach a new high.
The social network’s shares rose less than 1% yesterday and closed at a record high of $58.23 at a market capitalization of $147.9 billion. FB stock more than doubled last year, reaching a closing price of $57.96 on Dec. 24 that was a record high before yesterday’s numbers.
Facebook’s success can be attributed in part to CEO Mark Zuckerberg’s desire to focus on the company’s mobile app and gaining mobile users. Deutsche Bank AG (DB) analyst Ross Sandler said that the company has expanded promotions in its mobile app in the U.S. and abroad.
Sandler has a buy rating on FB stock and he says that it wouldn’t be a surprise if ad revenue growth reaccelerated. Analysts project that Facebook’s fourth-quarter earnings — which they will report on Jan. 29 — will be about $2.34 billion.
FB stock is down 0.4% in early trading Thursday.