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Facebook share jumps 9% to record after $ 5 billion profit

Facebook Inc. FB,
+ 7.90%
shares rose more than 7% to new highs on Friday morning after a earnings report found that the social media company raised more than $ 5 billion in profits despite a global pandemic and targeted ad boycott. Facebook shares opened at $ 255.82, up 9.1% from Thursday’s closing price, making it a market capitalization of approximately $ 730 billion. Major advertisers have pledged to boycott Facebook in July in protest at the inability to prevent hateful messages, violence and misinformation on its platform, but the company said on Thursday afternoon that it doesn’t expect much to change financially. “We expect our quarterly quarterly ad revenue growth rate to be roughly the same as this quarter,” reported Thursday, Chief Financial Officer David Wehner said in a conference call. Facebook stocks have gained more than 23% this year, as the S&P 500 index SPX,
+ 0.21%
has added 0.5%.