Social Media

Facebook puts IPO debacle behind it, shares hit record

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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
Facebook's new move

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.)