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NEW YORK (TheStreet) -- Facebook (FB) stock is advancing 3.24% to $112.65 in midday trading on Friday as shares continue to rise following the company's better than expected 2015 fourth quarter financial results.

After the market close on Wednesday, the social media company reported earnings of 79 cents per share for the last quarter of 2015, beating estimates by 11 cents per share.

Revenue jumped 52% year-over-year to $5.84 billion, while analysts were expecting revenue of $5.37 billion. Mobile advertising accounted for about 80% of the total advertising revenue, which increased 57% to $5.63 billion.

TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS charitable trust portfolio, wrote in a Real Money post that Facebook's latest quarter "was a thing to behold."

"The company makes more money off your free content than anyone dreamed and the advertisers are just beginning to recognize how positive this medium is to advertise on," Cramer added. "I think the stock's still cheap even after this remarkable run."

Looking ahead, Cramer said in the video above that Facebook's Oculus Rift virtual reality headset will "be the hottest product in 2017," making the company more attractive than PlayStation maker Sony Corp.(SNE).

Separately, Facebook has a "buy" rating and a letter grade of B+ at TheStreet Ratings because of the company's robust revenue growth, largely solid financial position, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins.

You can view the full analysis from the report here: FB

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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