Facebook Inc. FB,
Shares rose more than 7% on new highs Friday morning after a results report showed the social media company raised more than $ 5 billion in profits despite an advertising boycott and a pandemic world. Facebook’s stock opened at $ 255.82, 9.1% higher than Thursday’s closing price, which provided it with a market capitalization of approximately $ 7.30 million. Top advertisers have pledged to boycott Facebook in July to protest its inability to prevent hateful posts, violence and misinformation on its platform, but the company said Thursday afternoon that it does not expect much change financially. “We expect the growth rate of advertising revenue over the full quarter of the full quarter to be roughly similar to this quarter,” CFO David Wehner said at a conference on Thursday. Facebook shares have gained more than 23% this year, as the S&P 500 SPX index,
has added 0.5%.