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: Jury says Silicon Valley firm did not discriminate (Update)

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

Intel in talks with Altera on tie-up

Mar 27, 2015

US tech giant Intel is in talks with rival Altera on a tie-up to broaden the chipmaker's product line amid growth in Internet-connected devices, the Wall Street Journal reported Friday.

Apple chief Cook to give his wealth away: Fortune

Mar 27, 2015

Apple chief Tim Cook is joining Mark Zuckerberg, Bill Gates and other technology titans who have vowed to donate their wealth to charities, according to a report in Fortune magazine.

BlackBerry tops 4Q profit forecasts

Mar 27, 2015

BlackBerry posted a surprise profit in the fourth quarter, but saw a sharp drop-off in revenue as the once-iconic smartphone company said it reached the halfway mark of its turnaround effort.

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.