Facebook soaring stock closes above $38 IPO price

Aug 03, 2013

Facebook's stock has closed above its IPO price for the first time since the online social networking leader made its debut on Wall Street more than 14 months ago.

The shares gained 56 cents to finish Friday's session at $38.05. That's the stock's highest closing price since ending its first day of trading at $38.23 in May of last year.

The stock has been soaring since last week when Facebook reported better second-quarter earnings than analysts anticipated.

Facebook Inc. priced its at $38 per share amid lofty expectations that investors would be clamoring to buy a stake in one of the world's best-known websites.

Instead, worries about the Menlo Park, Calif., company's growth prospects triggered a sell-off that dropped the stock as low as $17.55.

Explore further: NEC says swings back to profit after smartphone overhaul

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

Related Stories

Facebook jumps on biggest lock-up expiration day

Nov 14, 2012

(AP)—Facebook's stock is up more than 7 percent despite expectations that it would fall because more than 850 million additional shares in the company are being freed up for sale.

Recommended for you

Nokia turns to fourth quarter profit buoyed by strong growth

6 hours ago

Nokia made a net profit of 443 million euros ($502 million) in the fourth quarter and sales grew nearly 10 percent, but its share price fell Thursday as the results were offset by a poor performance in some regions, higher ...

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

BSD
1 / 5 (4) Aug 03, 2013
What's this got to do with science?

This is business bullshit for suits.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.