Facebook stock down for 3rd consecutive day

Jun 05, 2012

(AP) — Facebook's stock has fallen for the third consecutive day.

The stock fell $1.03, or 3.8 percent, to close Tuesday at $25.87. It's 32 percent below its initial public offering price of $38. It's the stock's lowest closing price to date. Earlier Tuesday, it went as low as $25.75.

Since Facebook Inc.'s stock began trading publicly on May 18, it has fallen on eight of the 12 trading days. There have been concerns about Facebook's ability to keep increasing revenue and make money from its growing mobile audience, though many analysts hold upbeat long-term opinions.

The IPO was highly anticipated and was supposed to offer proof that social media is a viable business and more than a passing fad.

Facebook, based in Menlo Park, California, has nearly a billion users.

Explore further: Verizon 2Q profit rises 93 percent

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Morgan Stanley may refund some Facebook investors

May 24, 2012

(AP) -- Morgan Stanley, the lead investment bank in Facebook's troubled initial public offering, will compensate retail investors who overpaid when they bought Facebook's stock in Friday's IPO, according to a source familiar ...

Tale of the tape: Google versus Facebook

May 17, 2012

Facebook is the hottest Internet company to hit the stock market since Google went public in 2004. The Silicon Valley companies, located seven miles apart, also happen to be locked in a bitter battle for Web surfers' allegiance ...

Recommended for you

Verizon 2Q profit rises 93 percent

5 hours ago

Verizon reported Tuesday that its second-quarter earnings nearly doubled after it secured full ownership of Verizon Wireless.

Comcast 2Q earnings top views on Internet hookups

6 hours ago

Comcast Corp.'s second-quarter net income rose 15 percent to nearly $2 billion as it added high-speed Internet customers at a faster pace than a year ago and video subscriber losses moderated.

Ex-Qualcomm exec pleads guilty to insider trading

21 hours ago

A former high-ranking executive of US computer chip giant Qualcomm pleaded guilty Monday to insider trading charges, including trades on a 2011 deal for Atheros Communications, officials said.

Media venture creates press litigation fund

21 hours ago

The media venture created by entrepreneur Pierre Omidyar said Monday it was establishing a fund to help defend journalists in cases involving freedom of the press.

User comments : 0