Facebook shares pass float level
July 31, 2013, 22:00 GMT
Facebook shares have risen above the $38 flotation level for the first time since they began trading in 2012.
The world's largest social networking site saw its price rise as high as $38.31 in morning trading, before falling back to close at $36.80.
The company's shares have been boosted since the company reported stronger-than-expected earnings on 24 July.
Investors have been encouraged by the fast growth of Facebook's mobile advertising revenue.
It now derives 41% of its total ad revenue from mobile.
Facebook's flotation in May 2012 got off to a disastrous start as shareholders took fright over the company's apparent lack of mobile strategy and slowing revenue growth.
Some accused founder Mark Zuckerberg of overhyping the company's growth forecasts.
Just three months after the flotation, the share price had collapsed to about $18, wiping $48bn off the company's stock market value.
But the company's recent forecast-beating results have helped restore investor confidence.
): Have Your Say >>
BusyInternet inducted into CIMG Hall of Fame
German hackers hack iPhone 5S's fingerprint scanner
Microsoft beams Internet into Africa -- using TV 'white spaces'
BlackBerry's dwindling users ponder an uncertain future
BlackBerry 'pauses' global rollout of BBM for Android, iOS
Website offers bounty for iPhone 5S hack
Apple sells record 9 million iPhones in opening weekend
Samsung Ghana Announces GALAXY NOTE 3 Pre-Order
MEST expands globally with deeper Silicon Valley roots
Mix tape, anyone? The cassette turns 50
Tools & Features
Audio on Demand
Joyonline on Twitter
Joyonline on Facebook
Joyonline on Youtube
Advertise with Us
© Copyright 2012 Myjoyonline.com All Rights Reserved.