Tech

Facebook Stock Closes Above $40 For 1st Time

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The share price of  Facebook stock is seen at the Nasdaq stock market in New York. (Spencer Platt/Getty Images)

The share price of Facebook stock is seen at the Nasdaq stock market in New York. (Spencer Platt/Getty Images)

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MENLO PARK (CBS/AP) — Facebook’s stock closed above $40 for the first time on Friday.

The social network’s shares have gained 53 percent since July 24, when it reported strong growth in mobile ad revenue and a solid profit during its second quarter.

Facebook announced a technology partnership Wednesday that aims to expand Internet access to the 5 billion people not currently connected. That could create more potential Facebook users.

Facebook Inc. went public in May 2012 at $38 per share. There were lofty expectations, but the company’s initial public offering was marred by trading glitches. Worries about growth prospects then weighed on shares. They bottomed at $17.55 in September.

Those fears appear to have eased. The stock closed up 5.2 percent at $40.55 Friday, touching the highest price since the day of Facebook’s IPO.

(Copyright 2013 CBS San Francisco. All rights reserved.)

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