Facebook shares ended the day up 6.5% at $23.30, the first time the company's stock has closed above $23 since the end of July.
The company's stock rallied following the news that Facebook is working with a small number of ad exchanges to test out advertisements on third-party mobile apps. Investors appeared to see this as a positive sign that Facebook is moving towards finding a way to monetize on mobile.
Facebook's stock plummeted to an all-time low of $17.55 in the beginning of this month on investor concerns about the company's ability to boost its revenue in the long-term. The stock began to climb back from the bottom after CEO Mark Zuckerberg pledged not sell off any shares for at least a year and later pledged to double down on mobile in his first post IPO interview with TechCrunch.