Facebook soaring stock closes above $38 IPO price

August 3, 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: Where are Facebook's friends? Stock down after IPO (Update)

Related Stories

Facebook jumps on biggest lock-up expiration day

November 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

New method analyzes corn kernel characteristics

November 17, 2017

An ear of corn averages about 800 kernels. A traditional field method to estimate the number of kernels on the ear is to manually count the number of rows and multiply by the number of kernels in one length of the ear. With ...

Optically tunable microwave antennas for 5G applications

November 16, 2017

Multiband tunable antennas are a critical part of many communication and radar systems. New research by engineers at the University of Bristol has shown significant advances in antennas by using optically induced plasmas ...

1 comment

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.