The shares soared 22.3pc - or $4.34 - to $23.84 at the start of trading on Wall Street on Wednesday. Investors were scrambling for shares after Facebook last night revealed much faster growth in mobile advertising revenues than anyone had expected. Adverts on mobile devices accounted for 14pc of the $1.09bn in advertising revenues that Facebook made in the third quarter.
The appetite for Facebook shares in sharp contrast to the company's troubled track record on Wall Street since its much hyped $104bn flotation in May. Before last night's third-quarter results, Facebook shares had slumped 50pc from the $38 for which they were first sold.