NEW YORK (AP) — Facebook has found redemption in the form of a soaring stock price.
On Wednesday, the share price of the world’s most populous social network —and human data repository— briefly crept past $38 for the first time since its rocky public debut last May.
Facebook’s ill-fated first trading day on May 18, 2012 was marred by technological glitches on the Nasdaq stock market. The stock closed with a disappointing 23-cent gain. And its performance didn’t improve, hitting a low of $17.55 last September.
“I think Facebook in general and Zuckerberg in particular felt that they let everybody down,” said Wedbush analyst Michael Pachter of Facebook Inc.’s 29-year-old founder and CEO, Mark Zuckerberg. “
On Wednesday, the stock traded as high as $38.31 before closing at $36.80, a price that places the company’s value at around $89 billion.
Investors are especially upbeat about Facebook’s fast-growing mobile advertising revenue, which went from zero at the start of 2012 to $656 million, or 41 percent of total ad revenue, in the April-June quarter this year.