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Facebook stock hits record highs on strong earnings

NEW YORK -- Facebook stock jumped to record highs Thursday as strong earnings from the leading social network sparked fresh buying.

The shares closed up 5.2 percent at US$74.98, well above the record of US$72.03 hit on March 10. The rise lifted Facebook's market value to some US$190 billion.

Facebook said Wednesday that profits leapt to US$791 million during the three months ended June 30, a 138 percent increase from a year earlier.

Revenue in the quarter surged to US$2.91 billion, with approximately 62 percent of that money coming from ads served up on mobile devices such as smartphones or tablet computers.

Ad revenues overall were up 67 percent from a year ago to US$2.68 billion.

The number of people who visited the online social network at least once a month climbed to 1.32 billion in a 14 percent rise from the same quarter last year, according to Facebook. The number of active users on mobile devices rose to 1.07 billion.

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