Facebook shares rise above $38 flotation levelJuly 31, 2013 - 20:43 AMT PanARMENIAN.Net - Facebook shares rose above the $38 flotation level for the first time since they began trading in 2012, according to BBC News. The world's largest social networking site saw its price rise 1.2% to $38.08 in early morning trading, giving the company a market valuation of $92bn, The company's shares have been boosted since the company reported stronger-than-expected earnings on July 24. Investors have been encouraged by the fast growth of Facebook's mobile advertising revenue. It now derives 41% of its total ad revenue from mobile. Facebook's flotation in May 2012 got off to a disastrous start as shareholders took fright over the company's apparent lack of mobile strategy and slowing revenue growth. Some accused founder Mark Zuckerberg of overhyping the company's growth forecasts. Just three months after the flotation, the share price had collapsed to about $18, wiping $48bn off the company's stock market value. But the company's recent forecast-beating results have helped restore investor confidence. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |