Facebook stock above IPO price in pre-market trading

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Facebook's stock has passed its IPO price of $38 before the market open.

If the gains hold in the regular session, it would mark the first time the stock has risen above that mark since its rocky initial public offering in May 2012.

Before Wednesday's opening bell, the shares rose as high as $38.05, before settling back down to $37.95. On Tuesday, the shares closed up 6 percent after coming within pennies of the IPO price.

The world's biggest online social network has been on a roll since it reported stronger-than-expected earnings on July 24. Investors are upbeat about its fast-growing mobile advertising revenue.

What's the stock doing now before the opening bell? (Click here to track the company's shares.)

The Menlo Park, Calif.-based Facebook now derives 41 percent of its ad revenue from mobile advertising.

Better-than-expected earnings, along with a new program aimed at helping small and midsize developers distribute their games, helped

(Read more: Why Facebook stock keeps climbing)