Facebook Shares Rocket 19% Pre-Market Open on Record Results

Facebook shares rocketed by 19% in the pre-market open following its record results for the fourth quarter in 2013.

The Facebook stock price surged to $63.70 in the pre-market open after the social media network revealed that revenues soared 63% following strong monetisation of its mobile user base.

Mobile advertising revenue accounted for 53% of it of its $2.34bn (€1.4bn, $1.7bn) total advertising revenue in the fourth quarter.

Overall, Facebook reported a 55% year on year increase in full year revenues, reaching $7.57bn in 2013.

Facebook shares are now up 90% since last summer.

What the Analysts Say

Citigroup raises target price to $70 from $57; rating buy

JP Morgan raises price target to $80 from $62; rating overweight

Nomura raises price target to $70 from $65; rating buy

Deutsche Bank raises price target to $75 from $61; rating buy

Baird raises price target to $65 from $54; rating outperform

FBN Securities raises price target to $80 from $70; rating outperform

Bernstein raises price target to $65 from $42; rating market perform

Raymond James raises price target to $71 from $63; rating outperform

SunTrust raises price target to $70 from $65; rating buy

Topeka raises price target to $75 from $67; rating buy

Macquarie raises price target to $73 from $62; rating outperform