SOCIAL networking giant Facebook has breached its 2012 IPO price of $US38 a share for the first time since the company's May 2012 initial public offering.
Facebook got as high as $US38.31 on Wednesday shortly after the market opened, before retreating. Shares recently traded at $US37.72, up 10 cents or 0.3 per cent.
The company's IPO was priced at $US38 a share. Facebook has only closed above $US38 one time: its first day on the markets.
Facebook has been on an upward tear since releasing earnings a week ago that showed a big jump in mobile advertising revenue. Shares have rallied more than 40 per cent since the earnings release.
Facebook shares plummeted after the highly anticipated IPO last year and languished, primarily due to doubts about the California-based company's ability to make money from members using mobile devices to get online.
But the most recent earnings report showed that some 41 per cent of its ad revenues came from mobile, compared with 30 per cent in the prior quarter and virtually nothing a year ago.
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