Tech

Facebook Stock Closes Up For 3rd Straight Day

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Facebook Headquarters

Facebook Headquarters in Menlo Park. (Robyn Beck/Getty Images)

MENLO PARK (CBS / AP) — Facebook’s stock has had its third consecutive day of gains.

The stock increased $1.40, or 4.7 percent, to close Monday at $31.41. That’s still down 17 percent from Facebook’s IPO price of $38. Facebook began trading on May 18.

Facebook’s stock has traded as low as $25.52 since the IPO.

Investors have been concerned about its ability to keep increasing revenue and make money from its growing mobile audience, though many analysts hold positive long-term opinions.

On Monday, it’s disclosed that Facebook is bringing one of its long-term vendors, facial-recognition technology company Face.com, in-house. Facebook wouldn’t say how much it paid or what its plans are for Face.com.

The Israeli company’s technology helps people tag photos on the Web by figuring out who is in the pictures.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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