Can Facebook save the tape? The company is the 5th largest US corporation by market capitalisation coming in at a touch under $500BN. Facebook is another of the Generals of Wall Street, leading the charge in the world's second longest equity bull market on record. Facebook reported earnings after the close yesterday and they were well received (so far) by the market. The stock traded +7% higher after hours and, unlike Google, FB has held on to those gains so far this morning. Facebook reported a 3.5% increase in daily active users since December 2017 to 1.45 billion. Daily active users reportedly grew +13% year/year. North American users also increased to 185 million following a historic downturn last quarter. Revenues came in at $12BN, +50% year/year.
FB shares fell -24% from the highs of January 2018 and could do with some good news. A close today above the 10-week moving average at $170 would be a very welcome development for the bulls. If FB cannot hold on to the +7% pre-market pop, another one of the Generals will likely have been taken out and shot. Let's see what happens today.
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