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Facebook puts IPO debacle behind it, shares hit record

Wednesday, 11 Sep 2013 | 2:46 PM ET
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Facebook continues to put last year's initial public offering debacle behind it. The company's stock traded above $45 on Wednesday, hitting the record intraday high set in its first day of trading.

The stock is up about 68 percent this year, with the gains coming in the wake of the company's July earnings report.

Facebook was able to allay investors' concerns about its mobile strategy in the second quarter. When the company went public in May 2012, its mobile ad revenue was nonexistent.

(Read more: Facebook joins the $100 billion club)

Facebook's new move
The social media giant is taking dramatic action to keep up with competition, reports CNBC's Julia Boorstin.

In the second quarter of this year, mobile ad revenue reached 40 percent of total ad revenues, helped in large part by its ability to lure advertisers to its News Feed.

But as strong as Facebook's stock performance has been this year, LinkedIn and Yelp have done even better among the social media stocks. LinkedIn is up 120 percent this year, while Yelp has surged 240 percent.

What's the stock doing now? (Click here for the latest Facebook quote.)

—By CNBC.com

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  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.