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A long 14 months after its initial launch, social media giant Facebook is set to finally pass its $38 IPO price.

Shares in Zuckerberg's darling are continuing a meteoric rise following last week's announcement of a massive second-quarter profit for the company, exceeding analysts' expectations and demonstrating the company is finally getting its strategy together.

The stock today has been as high as $37.66, finally close to once again matching its $38 starting price. This would mark the first time Facebook's shares have reached that magical $38 figure.

In the report last week Zuckerberg said the company's sales rose to $US1.81billion, a 53% increase from the previous quarter, while analysts had predicted a figure of $1.62billion.

“The story of Facebook’s Q2 results is one of progress, regeneration and strategic investment," Ovum analyst Shiv Putcha said.

"Coming off a poor run of results post IPO, investors were rightly anxious for signs of revenue progress at Facebook. This concern has been addressed more than adequately with earnings of US$1.81 billion for the quarter, well above analyst consensus expectations."

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David Swan

David Swan is a tech journalist from Melbourne and is iTWire's Associate Editor. Having started off as a games reviewer at the age of 14, he now has a degree in Journalism from RMIT (with Honours) and owns basically every gadget under the sun. He also writes for Junkee and Fasterlouder. You can email him at david.swan@itwire.com or follow him at twitter.com/mrdavidswan

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