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| FILE - In this May 18, 2012 file photo provided by Facebook, Facebook founder, Chairman and CEO Mark Zuckerberg, center, rings the Nasdaq opening bell from Facebook headquarters in Menlo Park, Calif. (AP Photo/Nasdaq via Facebook, Zef Nikolla, File) |
NEW YORK (AP) — Facebook's stock has passed its $38 IPO price for the first time since its rocky public debut last May, crossing a symbolic hurdle that has eluded it for more than a year.
Shares of Facebook Inc. increased 1.2 percent to $38.08 in morning trading Wednesday. That's the highest the stock has traded since the company's highly anticipated initial public offering ended with a thud. The stock is up by more than 50 percent since last week.
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 last year. Investors were worried that its ad business was not migrating to mobile gadgets as quickly as its user base. Facebook urged patience.