As its biggest rivals stumble, Facebook wildly beat Wall Street’s expectations when it released its earnings yesterday. The company said that it now reaches more than a billion people every day and 1.65 billion people every month. Profits for the first three months of the year tripled compared to the same time last year to $1.5 billion on $5.3 billion in revenue. In response, Facebook’s stock hit an all-time high this morning.
Last year, steep declines in Chinese stocks were periodically followed by dramatic, if less severe, declines in U.S. and European stocks.
On 2016’s first day of trading, it’s more of the same.
Call it the Oprah effect or Oprah’s golden touch. But Oprah Winfrey’s magic has worked in the stock market for the second straight day.
Mobile payment service Square filed for an initial public offering (IPO) today. Here’s what it means…