Facebook Stock Nears a Milestone

It surges 30%, inches closer to IPO price
By John Johnson,  Newser Staff
Posted Jul 25, 2013 4:19 PM CDT
Facebook CEO Mark Zuckerberg.   (AP Photo/Marcio Jose Sanchez)

(Newser) – Don't look now, but Facebook is thisclose to erasing the year-plus embarrassment of having a stock price below its IPO price. Shares boomed about 30% today to close at $34.36, getting within striking distance of the $38 IPO mark, reports MarketWatch. In fact, this is Facebook's best close since its IPO day of May 18, 2012. It's all thanks to yesterday's impressive earnings report, which showed a surge in mobile ad revenue. A blogger at TheStreet, however, wonders whether the new hype is overblown. "Facebook benefited from past investments this quarter, but it will have to keep building to keep up and spend more," writes Dana Blankenhorn. Click here for that. (Read more Facebook stories.)

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