Facebook Stock Soars After Strong Earnings Report

Facebook shares soared Thursday morning after the social network reported strong earnings that outstripped expectations the day before.

The stock rose roughly eight points, or 15 percent, by 9:45 a.m., following a smaller surge in after-hours trading late Wednesday.

The company announced Wednesday that it pulled in $523 million in profits in the fourth quarter of 2013, about an eight-fold increase over the same quarter last year, as ads on the site became increasingly valuable. Profits on the year reached $1.5 billion, up from just $53 million in 2012.