Facebook stock almost hits IPO price, 14 months after rocky debut
SAN FRANCISCO (REUTERS) - Facebook Inc's stock on Tuesday came within a hair's breadth of reclaiming its US$38 (S$48) debut price for the first time since going public in 2012, as Wall Street cheered its progress in mobile advertising.
The stock has surged more than 40 per cent in the past week after the company reported blowout quarterly results, putting to rest investor concerns about its long-term business prospects.
Shares of Facebook climbed as much as 7 per cent to $37.96 in heavy trading on Tuesday, before settling back to finish the regular session at $37.63.
The social network, with 1.15 billion users, has never traded at or above US$38 since its initial public offering in May 2012.