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Facebook shares soar on mobile ads

July 26, 2013 12:00 am • Last Updated: October 31, 2014 9:31 am

Facebook shares soared Thursday after the social media giant pushed aggressively into mobile advertising and reported much-improved second-quarter revenue and profit. The stock is trading at levels not seen since shortly after its IPO last year, partly due to nagging questions about whether it could follow users on to the mobile phones and tablets that have upended the technology sector.

Facebook began showing mobile advertisements for the first time last spring. It reported after the market closed Wednesday that those advertisements accounted for a whopping 41 percent of its total advertising revenue in the most recent quarter.

- The Assocaited Press

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