Facebook soars at the open, on pace for best day in 2 years

• Facebook opened more than 8 percent higher a day after reporting better-than-expected first quarter earnings.
• It's an important benchmark and stock move for the social media giant. Facebook has been battling reports of online abuse, government probes and concerns around user privacy.
• As of Wednesday's close, the stock was down 9.5 percent on the year, trading below $160.

Facebook opened more than 8 percent higher a day after reporting better-than-expected first quarter earnings.

Shares opened at $173.22 Thursday after closing Wednesday below $160. That puts Facebook on pace for it's best day since January 2016.

Facebook beat on both the top and bottom lines, quelling concerns about a diminishing user base and margin compression — at least for now.

Facebook has been battling reports of online abuse, government probes and concerns around user privacy.

The company's stock has lost tens of billions of dollars in shareholder value since initial reports of massive data mishandling by research firm Cambridge Analytica.

With Thursday's surge, the stock is down just 2 percent on the year.

It's roughly 11 percent off its 52-week high, having clawed its way back from bear market territory earlier this month.

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