Home Industry Market Facebook rebound almost complete

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."

LEARN NBN TRICKS AND TRAPS WITH FREE NBN SURVIVAL GUIDE

Did you know: Key business communication services may not work on the NBN?

Would your office survive without a phone, fax or email?

Avoid disruption and despair for your business.

Learn the NBN tricks and traps with your FREE 10-page NBN Business Survival Guide

The NBN Business Survival Guide answers your key questions:

· When can I get NBN?
· Will my business phones work?
· Will fax & EFTPOS be affected?
· How much will NBN cost?
· When should I start preparing?

DOWNLOAD NOW!

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.

 

 

 

 

Connect

Join the iTWire Community and be part of the latest news, invites to exclusive events, whitepapers and educational materials and oppertunities.
Why do I want to receive this daily update?
  • The latest features from iTWire
  • Free whitepaper downloads
  • Industry opportunities