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Facebook Shares Just Hit An All-Time High

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Facebook CEO and founder Mark ZuckerbergPhotograph by Money Sharma—AFP/Getty Images

Shares of social media giant Facebook (FB) surged 8% Thursday to an all-time high of $118 in midday trading. The jump follows an earnings report that crushed Wall Street estimates.

In other words, Facebook gained the equivalent of about 11 Twitters worth in market cap—$94 billion—since Wednesday, taking it to $336 billion.

The company has come a long way. Its value is now roughly four times that of its closing price on the day of its IPO, when it was $81.74 billion at $38.23 a share.

Facebook’s results Wednesday came after a series of tech-giant disappointments. On Tuesday, Apple reported lower-than-expected earnings and revenue, and Twitter told investors that revenue growth would come in lower than expected.

But Facebook blew away any fear that trouble had also reached it. Revenue grew over 50% from the same quarter a year earlier as profits soared to $1.5 billion, triple the size of what Facebook reported last year. Monthly active users climbed to an all-time high of 1.65 billion, and ad revenues jumped 63% year over year.

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“As we have said for years, as long as the users are there, [Facebook] will find ways to monetize,” noted Macquarie Securities analyst Ben Schachter in a Thursday note. “The company continues to excel at keeping users engaged while also improving ad formats, targeting and measurement for advertisers.”

Of course, for all investors, there are risks to monitor.

“Management made the boilerplate comment about ad revenue growth decelerating for remaining quarters in 2016,” noted Deutsche Bank analyst Ross Sandler. Beyond that, investors should also watch out for updates on Facebook Payments, and the Oculus Rift, with revenue from that sector expected to decline year-over-year, according to Facebook management. That’s largely due to a reduction in PC gaming.