Facebook closes above $40 for first time

Aug 24, 2013

Facebook's stock closed above $40 for the first time Friday.

The social network's shares have gained 53 percent since July 24, when it reported strong growth in mobile ad revenue and a solid profit during its second quarter.

On Wednesday Facebook announced a technology partnership that aims to expand Internet access to the 5 billion people not currently connected. That could create more potential Facebook users.

Facebook Inc. went public in May 2012 at $38 per share. There were lofty expectations, but the initial public stock offering was marred by trading glitches. Worries about growth prospects then weighed on shares. They bottomed at $17.55 in September.

Those fears appear to have eased. The stock closed up 5.2 percent at $40.55 Friday, touching the highest price since its IPO.

Explore further: Why the Sony hack isn't big news in Japan

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

Related Stories

Facebook shares rebound from dismal IPO

Jul 30, 2013

Facebook shares on Tuesday nearly climbed their way back to the $38 mark from which they plunged after a dismal debut in the stock market last year.

Recommended for you

Why the Sony hack isn't big news in Japan

19 hours ago

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

23 hours ago

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

Dec 20, 2014

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

Dec 19, 2014

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

User comments : 0

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.