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Earnings Results: Facebook earnings send stock toward record after massive ad price increase

Facebook Inc. shares reversed course to show gains in late trading Wednesday after the company reported double-digit advertising price growth amid massive changes to its core product.

After dropping as much as 5% after fourth-quarter earnings revealed a tax charge and reduced time spent by users on the platform, Facebook shares FB, -0.12% swung as high as $194.50 during the earnings call as executives discussed ad pricing growth. Facebook stock has never traded higher than $190.66 in regular trading, and shares dipped back below that level later in the after-hours session.

The stock losses swung to gains after Chief Financial Officer David Wehner, in prepared remarks on a post-earnings conference call, said that the average price per Facebook ad increased by 43% as the total number of impressions — pages loaded with ads served by Facebook — gained 4% last quarter.

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