Facebook trounces Wall Street estimates with sharp ad sales growth

Facebook Inc's quarterly profit and revenue blew past Wall Street estimates on Wednesday, sending its shares to a record high, as the social media company's popular mobile app and push into video attracted new advertisers and encouraged existing ones to spend more. Facebook shares rose 6.5 percent in after-hours trading to $131.40, their highest since the company went public in 2012. Total advertising revenue surged 63 percent to $6.24 billion, beating the average analyst estimate of $5.80 billion, according to market research firm FactSet StreetAccount.

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