Facebook, the 11-year-old social media company founded by Mark Zuckerberg in his Harvard dorm room, surpassed the $300-billion mark in market capitalisation, overtaking General Electric (GE) along the way. Facebook became the seventh most valuable firm in the U.S. on Friday, with market capitalisation touching $303 billion and joined Alphabet, Apple, Microsoft and Amazon among the top 10 ranks.
$896-million profit
The surge in market value came on the back of Facebook posting $896 million in third quarter profit on a revenue of $4.5 billion. In comparison, GE reported a profit of $2.51 billion on a revenue of $41.7 billion for the third quarter.
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