Facebook to make stock debut on NASDAQ: report

Pedestrians walk past the Nasdaq stock market at Times Square in New York City in March
Pedestrians walk past the Nasdaq stock market at Times Square in New York City in March 2012. Facebook has picked the technology-heavy NASDAQ exchange for a much-anticipated stock market debut expected next month, according to unconfirmed reports Thursday.

Facebook has picked the technology-heavy NASDAQ exchange for a much-anticipated stock market debut expected next month, according to unconfirmed reports Thursday.

Facebook will trade under the symbol "FB" in a record-setting of shares on the NASDAQ, the New York Times said in a story citing unnamed sources.

Facebook in February filed to go public and could raise as much as $10 billion in the largest flotation ever by an Internet company on Wall Street.

The paperwork filed for the initial public offering provided the first glimpse of the financial details of the web giant launched eight years ago by from his Harvard University dorm room.

Facebook, which is shifting operations to a former campus in the California city of Menlo Park, reported net income of $668 million last year.

Revenue nearly doubled to $3.7 billion in 2011, with most of it coming from targeted advertising gleaned from personal information shared by the hundreds of millions of users of the platform.

-- the leading social network in all but six countries, notably China and Russia -- said it has more than 845 million users including 483 million who log in daily.

Facebook's value has been estimated at between $75 billion and $100 billion.


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(c) 2012 AFP

Citation: Facebook to make stock debut on NASDAQ: report (2012, April 5) retrieved 18 August 2019 from https://phys.org/news/2012-04-facebook-stock-debut-nasdaq.html
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Apr 05, 2012
After an initial run up, Facebook is going to come down to Earth hard. Let's just hope it doesn't bring the entire index down with it...

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