A Facebook employee holds a laptop during an event at the company's headquarters in Menlo Park, California. Photograph: Justin Sullivan/Getty Images
Facebook's resurgent 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 (?25), the stock's highest closing price since ending its first day of trading at $38.23 in May of last year.
Facebook priced its initial public offering at $38 per share amid lofty expectations that investors would be clamouring to buy a stake in one of the world's best-known websites. Instead, trading problems hurt the company's stock market debut and then worries about Facebook's growth prospects triggered a sell-off that dropped the stock as low as $17.55.
The stock began soaring last week when Facebook reported better second-quarter earnings than analysts anticipated. The report for the three months ending in June showed that the company is selling more advertisements on smartphones and tablet computers, allaying fears that Facebook wouldn't be able to make money off the growing number of its more than 1.1bn members who regularly check into the social network on mobile devices.
More than 40% of Facebook's ad revenue flowed from mobile devices in the second quarter, up from 30% during the first three months of the year.
The accelerating growth on mobile devices is the main reason that Facebook's stock has jumped 44% since it announced quarterly results on 24 July.
Source: http://www.theguardian.com/technology/2013/aug/03/facebook-stock-closes-ipo
Ryan Dempster Phelps NBC Olympics Live Olympic medal count Medal Count 2012 London 2012 Fencing olympics
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.