Shares in Facebook on Wednesday finally went
past the $38 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 dollars 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.
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