Facebook stocks rocket on profits news

<p>The share price of Facebook rose by 20 per cent.</p>

The share price of Facebook has rocketed by around 20 per cent after the company revealed its financial results for the second quarter of the year.

It was announced by the firm that its sales rose to $1.81 billion between March and June, which represents a 53 per cent increase from the previous quarter.

This was also up from the $1.62 billion analysts expected the company would make, contributing to massive gains for the firm in the stock market.

Mark Zuckerberg, Facebook's founder, stated that the company has continued to make good progress over the course of the last quarter.

"The work we've done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future," he said.

Facebook is the dominant social networking website for the Western world and Mr Zuckerberg claimed recently that the site has signed up its billionth member.

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