The world is looking rosy for Facebook as its stock hits a record high

Thursday morning, the stock market showed its glee over Facebook’s(S FB) second-quarter earnings. The company’s shares hit a record high of $76.74 – that’s the highest they’ve gone since Facebook went public in 2012. By midday, the company’s market cap was $194.66 billion, spitting distance of IBM’s $197.02 billion.
Investors had every reason to be clapping their hands over Facebook’s earnings results. The company beat analyst expectations of earnings per share by a significant chunk: $0.10.
FB Market Cap Chart

FB Market Cap data by YCharts

It’s a big shift from Wednesday night, when investors appeared unimpressed that Facebook beat analysts’ expectations by a sizable margin. In initial after-hours trading, the stock stayed mostly flat, although it picked up a bit later on.
For those who missed the highlights of the earnings report, Facebook’s user engagement numbers and mobile monetization are stronger than ever. Sixty-three percent of the company’s active users sign on every single day, and ad revenue grew 67 percent over the same quarter last year.
Facebook appears to have gotten over its initial public struggles, from a botched IPO to fears that it wouldn’t be able to monetize on mobile. Even the hand-wringing that happened a few quarters ago — around Facebook losing teenage users — now feels like a distant memory.