Breaking Finance News

Facebook up 6 Percent After Bullish Blog Post

Shares of Facebook (NASDAQ: FB) have slowly climbed throughout the trading session Tuesday. This may be attributed to this morning’s announcement that it will back a handful of startup gaming companies to increase distribution.

Facebook will take an upfront cut of partner gaming company revenue in exchange for perks like targeted advertising to Facebook gamers and prolonged collaboration with Facebook’s gaming department. Facebook, in turn, opens up a new revenue stream for itself.

“With more than 800 million monthly users in our mobile apps and more than 260 million people playing games on Facebook, we are using our unique reach and targeting capabilities to help games in our program find and engage a valuable audience,” the company said in a blog post on Tuesday morning.

Analysts are also citing continued follow through from its blowout earnings announcement last week.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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