Facebook stock price surges on news of strong mobile, revenue gains

In a picture taken on May 15, 2012, a girl logs into Facebook on her smartphone in Kuala Lumpur.

Facebook's stock price surged in midday trading on Wednesday a day after reporting strong revenue and projected earnings from mobile ads.

The stock climbed 21 percent to $23.57, after hitting $24.25, its highest level since its July 27, the Wall Street Journal reported.

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The Journal wrote the gains come on news Facebook is making progress "selling ads on mobile devices, an area seen as a driver of its future success."

The New York Times reported the company's revenue had slowed in the first two quarters but their third quarter earnings show the company growing by 32 percent and that some 14 percent of its ads are being viewed by Facebook users on their mobile devices.

"They're moving in the right direction, and it seems to be that they're picking up speed," Kevin Landis, chief investment officer of Firsthand Capital Management, told the Journal.

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