Facebook reports soaring quarterly ad revenue, stock jumps

Facebook’s stock is up after the social media giant reported stronger-than-expected results for the first quarter thanks to soaring ad revenue

Facebook's stock jumped Wednesday after the social media giant reported stronger-than-expected results for the first quarter thanks to soaring ad revenue. The company said it earned $9.5 billion, or $3.30 per share, in the January-March period. That's up 94% from $4.9 billion, or $1.71 per share, a year earlier. Revenue grew 48% to $26.17 billion from $17.44 billion. Analysts, on average, were expecting earnings of $2.35 per share and revenue of $23.73 billion, according to a poll by FactSet.