Facebook stock finally surpasses initial public offering price

DPA Updated - March 12, 2018 at 11:15 AM.

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Shares in Facebook on Wednesday finally went past the 38-dollar price seen in the company’s initial 2012 public offering, more than a year after falling disastrously shortly after the stock became publicly available.

Facebook shares opened more than 1 per cent up in early trading, reaching $ 38.31 before retreating. The company has been on a rally since last week when it reported better-than-expected earnings led by gains in critically important mobile advertising sales.

Facebook blew past expectations with revenue that came in at $ 1.81 billion for the second quarter. Even more significant was that mobile adverts made up 41 per cent of total ad revenue, up from 30 per cent in the prior quarter.

Published on August 1, 2013 07:39