Facebook shares soar on impressive second quarter

Facebook (FB) shares are soaring after the social media giant reported a much-improved second-quarter revenue and profit as it pushes hard into mobile advertising.

The stock is trading at levels not seen since shortly after its IPO last year.

Facebook began showing mobile advertisements for the first time last spring. It said late Wednesday that they accounted for a whopping 41 percent of its total advertising revenue. That advertising had been a big concern for investors since the initial public offering.

Revenue jumped 53 percent to $1.81 billion, and the Menlo, Calif., company easily topped Wall Street expectations for the quarter.

Shares jumped nearly 25 percent by midday Thursday and hit as high as $34 earlier in the day.