Facebook Inc's market value soared by $38 billion in morning trading on Thursday, vaulting the company ahead of Amazon.com Inc, after the social networking service's quarterly results blew away expectations on every key measure.
Facebook's stock jumped more than 14 per cent to $107.95 after the company reported a blockbuster quarter on Wednesday, pushing the company's market capitalisation over $300 billion.
That made it the fourth most valuable technology company, overtaking Amazon, which was valued at about $290 billion ahead of its results later on Thursday. At least 22 brokerages raised price targets on Facebook's stock, with most analysts focusing on a far better-than-expected the 81 per cent jump in revenue from mobile ads.
