Facebook hit a new all-time high on Friday morning, trading at $255.85 per share a day after the company posted better-than-expected Q2 earnings and sales. The new Wall Street high also comes after CEO Mark Zuckerberg testified virtually before Congress earlier this week.
The company hit the new high soon after the markets opened on Friday morning. About an hour after the closing bell, Facebook shares had dropped to about $252 per share, which was a 7.4% increase from yesterday’s close.
Facebook’s shares jumped after the company reported Q2 revenue of $18.69 billion on Thursday afternoon — coming in about $1.3 billion higher than analysts had projected; earnings per share of $1.80 also topped analyst estimates of $1.39 EPS for the quarter. Investors may also be responding to Facebook adding another 100 million new monthly active users, pushing the company to 2.7 billion MAUs overall. Facebook’s daily active user base also increased 12% year-over-year to 1.79 billion DAUs.
On Wednesday, Zuckerberg testified before Congress along with the chief executives of Apple, Amazon and Alphabet, Google’s parent company. The 36-year-old was pressed on a number of issues Wednesday, including Facebook’s 2012 acquisition of Instagram and whether Facebook used anti-competitive practices to get the deal done. Zuckerberg also faced a few bizarre questions during the six hour hearing — at one time being asked why his company had removed a recent post from Donald Trump Jr.; Zuckerberg let the congressmen know he was referring to something that happened on Twitter, not Facebook. You can read 7 key takeaways from the hearing by going here.