Advertisement

HindustanTimes Mon,21 Apr 2014

Facebook passes IPO price for 1st time since its initial public offering

AP  New York, July 31, 2013
First Published: 19:17 IST(31/7/2013) | Last Updated: 20:22 IST(31/7/2013)

Facebook's stock price has passed its $38 IPO price for the first time since its rocky initial public offering more than a year ago.

Advertisement

Shares of Facebook Inc. are up 1.2% to $38.08 in morning trading on Wednesday.

The world's biggest online social network has been on a roll since reporting stronger-than-expected earnings on July 24. Investors are especially upbeat about its fast-growing mobile advertising revenue.

Facebook's ability to grow mobile revenue was one of the biggest concerns in the weeks leading up to its IPO in 2012. Investors were worried that its ad business was not migrating to mobile gadgets as quickly as its user base.

Facebook now derives 41% of its total ad revenue from mobile advertising. That's up from zero in the spring of 2012.

Advertisement
more from Business

700 trainees opt for exit plan at Nokia’s Chennai plant

Finnish handset maker Nokia, struggling to shepherd its Chennai plant into its agreement to be bought by US software giant Microsoft amid tax disputes in India, has got some success with 736 of its trainees accepting the voluntary separation scheme.
markets
Advertisement
Most Popular
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved