Facebook shares break $57 for first time since 2012 IPO
SAN FRANCISCO (REUTERS) - Shares of Facebook Inc rose more than 3 percent to a new high on Wednesday, valuing the world's No. 1 social network at US$106 billion (S$134 billion), as investors focused on its recent mobile advertising advances and the potential to expand ad revenue into new areas.
The stock touched US$45 (S$57) at 1.50pm ET and briefly hit US$45.07 shortly after 2pm on the Nasdaq - highs not seen since May 18, 2012, the day of Facebook's initial public offering. It closed at US$45.04.
The stock's new intraday high is the latest milestone in a remarkable recovery following a rocky Wall Street debut, in which traded at half its US$38 offering price at one point.
Chief Executive Mark Zuckerberg, speaking at a technology conference in San Francisco on Wednesday, said the IPO process had made Facebook stronger by forcing it to better understand the various facets of its business.