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: Facebook soaring stock closes above $38 IPO price

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

Chinese smartphone makers win as market swells

11 hours ago

Chinese smartphone makers racked up big gains as the global market for Internet-linked handsets grew to record levels in the second quarter, International Data Corp said Tuesday.

Full appeals court upholds labels on meat packages

11 hours ago

(AP)—A federal appeals court has upheld new government rules that require labels on packaged steaks, ribs and other cuts of meat to say where the animals were born, raised and slaughtered.

BlackBerry buys German anti-eavesdropping firm

11 hours ago

Canadian smartphone maker BlackBerry announced Tuesday the purchase of German voice and data encryption and anti-eavesdropping firm Secusmart, whose customers include NATO and German Chancellor Angela Merkel ...

India's Flipkart raises $1 bn to tackle Amazon

13 hours ago

India's top e-commerce company Flipkart said Tuesday it had raised $1 billion (60 billion rupees) in funds as it battles US giant Amazon for supremacy in the hyper-competitive local market.

User comments : 0