Facebook, Google’s parent Alphabet, and Snap hit all-time highs by Friday’s close, amid rising sales in the online advertising market. Facebook shares increased in price by 5.3%, Alphabet – by 3.37%, Google – by 3.58%, and Snap shares added 23.82% to the price. Also, the positive dynamics in Friday’s trading was shown by the shares of other companies that receive income from online advertising.
Earlier this week, Snap released its financial results for the past quarter, which were above expectations. This indicates a strong recovery in the online advertising market after the severe downturn seen at the peak of the COVID-19 pandemic. According to the financial report of Snap, the company exceeded its forecast for revenue by more than $ 100 million. The positive result contributed to the growth of the company’s shares by almost a quarter, to $78.02 per share. Twitter shares rose 3.1% to $71.69 per share.
Financial reports from Facebook and Google are due to be released next week. A few days earlier, Facebook shares had surged to $369.79, and the company’s market capitalization exceeded $ 1 trillion. Alphabet’s Class A shares rose 3.6% to $ 2,660.30 a share, and the market capitalization approached $ 2 trillion. Interestingly, stocks in companies that generate a significant portion of their online ad revenue have posted strong gains over the past year. Snap is up 250% over the year, Twitter shares are up 83%, Alphabet is up 73%, and Facebook is up 57%.