On Wednesday afternoon, Facebook posted quarterly results that exceeded Wall Street expectations. It boosted the stock as much as 16 percent Thursday, to an all-time high of $62.50. The shares are up more than 60 percent since the company went public at $38 a share in May 2012.
In addition to topping analysts' earnings and sales forecasts, Facebook boasted its strong mobile-ad business, saying fourth-quarter revenue from advertising was $2.34 billion—up 76 percent year over year—with mobile ad revenue accounting for about 53 percent of the total.
(Click to see how all the social media stocks are trading today.)
Facebook also said the number of mobile active users was up 39 percent from a year earlier, to 945 million as of Dec. 31, beating analysts' expectations of 919 million.
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"We expect Facebook to continue to ride the mobile wave as the gap between media time spent on mobile [12 percent] and ad budgets allocated to mobile [3 percent] closes ... and as the value of Facebook ads are proven to brand marketers," wrote analysts at Cantor Fitzgerald.
On Feb. 4, Facebook will mark its 10th anniversary since going live.
(Read more: Facebook's promise: A portfolio of apps)
Twenty-nine Wall Street analysts were quick to raise their price targets on the stock Thursday. Most notably, JPMorgan lifted its target to $80 a share from $62, with an overweight rating.
"As competitors begin to provide more in the way of customizable audience targeting, app install ads and better mobile placement, Facebook's ability to retain an edge in mobile ad quality will be key," said a note from Evercore, which increased its target price on Facebook to $70 from $65. "However, Facebook's scale, mobile ad quality to date, and one-stop approach for marketers lend them some maneuvering ... which we see as still suggesting some further upside."
Earlier this week, investors had hit the brakes on social media stocks amid caution ahead of Facebook's earnings. Its shares dropped nearly 2 percent, and Twitter slumped more than 3 percent.
(Read more: Outlook for company profits is getting pretty ugly)
Twitter is slated to post its first quarterly earnings results as a public company after the closing bell next Wednesday. Like Facebook, the microblogging website depends on mobile ads for revenue. Analysts expect the company to report a loss of 2 cents a share on sales of $218 million, according to a consensus from Thomson Reuters.
(Click here to see CNBC's full earnings coverage)
—By CNBC's JeeYeon Park. Follow her on Twitter @JeeYeonParkCNBC