Facebook Founder and CEO Mark Zuckerberg gets to have all the fun. Not only does he own a Hungarian sheepdog, but his net worth has hit $32 billion as Facebook shares hit new highs with the company firing on all cylinders.
The stock rallied 7% this morning, hitting a new all-time high of $76 per share. [Disclosure: the author was smart enough to buy Facebook shares at $18 but then dumb enough to sell them last year in the $30s. Oops.]
Facebook reported a record second quarter with revenue of $2.91 billion, an increase of 61% over the same quarter of last year. The company booked $791 million in net profit and is now at a annual run rate of $3 billion in net profits. The social networking company's fortunes were boosted by gains in mobile advertising, much of it attributed to growth in Instagram. Mobile advertising revenue represented approximately 62% of advertising revenue for the second quarter of 2014, up from approximately 41% of ad revenue in the second quarter of 2013.