Facebook Inc. (NASDAQ: FB)
After the market closed on Wednesday, Facebook Inc. ($FB) announced fourth quarter earnings that topped analyst estimates and pushed shares into record territory.
The social media company announced adjusted earnings per share of $2.22 on $12.97 billion in revenues while analyst were looking for $1.96 per share on $12.58 billion in revenues.
This was strong beat and should give enough fuel to push shares towards that big $200 level.
As you can see in the 5-minute chart above, shares of $FB were slightly down after earnings and then made a nice recovering to record highs with current premarket highs at $194.68, a 4.1% jump from yesterdays close.
$194 look like the first level of resistance but we shares breakthrough that then we are looking at $195 and every point after that as resistance with $200 likely being the biggest level to watch. Support should be found at $190 and $186 followed up by $178.
Shares will be very volatile today as a lot of eyes will be watching. Keep this one on your radar as there will likely be some great opportunities to trade it today!
“2017 was a strong year for Facebook, but it was also a hard one,” said Mark Zuckerberg, Facebook founder and CEO. “In 2018, we’re focused on making sure Facebook isn’t just fun to use, but also good for people’s well-being and for society. We’re doing this by encouraging meaningful connections between people rather than passive consumption of content. Already last quarter, we made changes to show fewer viral videos to make sure people’s time is well spent. In total, we made changes that reduced time spent on Facebook by roughly 50 million hours every day. By focusing on meaningful connections, our community and business will be stronger over the long term.”
Facebook, Inc. engages in the development of social media applications for people to connect through mobile devices, personal computers, and other surfaces. It enables users to share opinions, ideas, photos, videos, and other activities online.
Its products include Facebook, Instagram, Messenger, WhatsApp, and Oculus. The company was founded by Mark Elliot Zuckerberg, Dustin Moskovitz, Chris R. Hughes, Andrew McCollum and Eduardo P. Saverin on February 4, 2004 and is headquartered in Menlo Park, CA –MarketWatch