At least 32 brokerages raised their price targets on Facebook’s shares following the fourth quarter results that showed the firm’s profits soar to more than 30 times what they were in 2012, ballooning from $53m to $1.5bn.
Facebook operations chief Sheryl Sandberg saw her paper fortunes reach over $1bn with 12.3m Facebook shares worth close to $700m and an additional $300m from selling shares. While chief executive Mark Zuckerberg gained $3.2bn on paper from the rise in Facebook’s share price.
Advertising revenue rose 76 per cent with more than half coming from mobile devices compared to just 23 per cent a year ago. In total, the site made $1bn from mobile.