Facebook stock hits new high, but shares remain volatile

Facebook stock hit a record high of $38.50 per share on Monday, bringing its market cap to $62.4 billion.

The social media company said its quarterly revenue was $3.6 billion and revenue from advertising accounted for $3 billion.

Facebook shares are trading at $38,000, up 9% from the close of the previous trading session.

Facebook stock had already hit a fresh record high earlier this year when Facebook reported $36 billion in revenue in the second quarter.

The company also reported earnings of $4.1 billion in the fourth quarter.

Facebook’s stock rose in early trading to $38 a share, its highest close in four years.

Facebook CEO Mark Zuckerberg said last week that the company was moving to use its $25 billion in funding to help improve its product.

The technology company is also expanding its product line with the purchase of WhatsApp, Instagram and Skype.

Facebook was ranked #1 in the United States in terms of monthly active users in January.

The firm also reported that its revenue rose 9% to $32.9 billion, while its profit rose 11% to 29 cents per share.

Facebook also said it has reached 100 million monthly active monthly users, which is a record for the social media giant.