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Facebook Is on Fire Right Now

The social media giant's shares hit new records on Thursday.

Facebook shares rose 4.4% in premarket trading on Thursday after the social media giant reported second-quarter earnings and sales that topped Wall Street expectations.

Facebook earned $1.32 a share in the quarter, surpassing estimates of $1.12. Revenue was $9.32 billion, which exceeded Wall Street estimates of $9.2 billion.

Advertising revenue jumped 47% from a year earlier to $9.16 billion, easily beating projections of $9.02 billion. Mobile ad revenue made up 87% of Facebook's total ad revenue during the second quarter, up from 84% a year earlier.

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The company reported 1.32 billion daily active users during the quarter and said it had just more than 2 billion monthly active users for the first time ever, which was more than analysts expected.

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