Facebook Inc. FB,
Shares rose more than 7% to a new high on Friday morning after a revenue announcement that showed the social media company garnered more than $ 5 billion in profits, despite a global pandemic and a targeted boycott of ads. Facebook shares were priced at $ 255.82, 9.1% higher than Thursday’s closing price, giving it a market capitalization of about $ 730 billion. Major advertisers pledged to boycott Facebook in July in protest of its failure to prevent hate speech, violence and disinformation on its platform, but the company said Thursday afternoon that it did not expect much to change financially as a result. “We expect our third-quarter advertising revenue growth rates to be roughly the same as this quarter,”
added 0.5 percent.