NEW YORK (TheStreet) -- Shares of Facebook (FB) are gaining 2.33% to $82.55 in Wednesday's late morning trading session as company executives for the first time detailed overseas ad sales, revealing that growth in Asia is the fastest in the world, Reuters reports.
More than half of the company's global ad sales in the first quarter came from advertising revenue in overseas markets. Specifically, growth in Asia is the fastest in the world at 57%, according to Reuters.
"The next 1 billion consumers are going to come from these countries," said Carolyn Everson, VP of global marketing solutions at Facebook.
While the company has reported regional growth before, it has not detailed ad sales outside of the U.S. and Canada until now.
Going forward, the social media giant has its eyes on Asia, as it benefits from exporters in China trying to reach people outside its country and from an influx of venture capital funding into India, giving start-up funds for advertising, Reuters added.
Insight from TheStreet Rating's Team:
Facebook is part of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Here is what Jim Cramer, Portfolio Manager & Jack Mohr, Director of Research-Action Alerts PLUS had to say about the stock in a recent alert:
This morning, Canaccord Genuity published a note on Facebook (FB:Nasdaq) detailing the stock's attractive valuation and future potential. While we don't typically rehash research notes, we found Canaccord's perspective especially interesting and in line with our views. More specifically, the note took a deep dive into the various revenue drivers supporting Facebook moving forward.