Facebook stocks close above $40 for first time since IPO

  • ANI, Washington
  • |
  • Updated: Aug 24, 2013 12:20 IST

Facebook stocks touched the highest price since the company's IPO, closing at $40.55 on Friday.

According to CBS News, the social network's shares have gone up by 53 % since July 24, when it reported an increase in mobile ad revenue and a solid profit during its second quarter.

On Wednesday, Facebook announced plans of a technology partnership that aims to expand Internet access to the 5 billion people not currently connected, which could create more potential Facebook users, the report said.

Facebook Inc. went public in May 2012 at $38 per share but trading glitches marred the initial public stock offering, with the shares going down to $17.55 in September, the report added.

 

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