Mike Isaac

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Facebook Trading at Highest Price Since Week of IPO

stock380On an average day, over the past year, shares of Facebook have hovered in the low-to-mid 20s, at least 10 points beneath the company’s debut price of $38 per share in May of last year.

But Thursday was not an average day.

Following the news of a massive earnings beat on Wednesday afternoon, shares of Facebook are trading at their highest levels since IPO, at nearly $34 per share about an hour before the market closes. That’s a single-day gain of nearly 30 percent.

Probably worth noting, too, that Facebook’s trading volume is at a high, with more than 300 million shares exchanging hands before market close. That’s a volume number that’s second only to the company’s IPO date, where more than half a billion shares moved through the market.

What drove the massive gains? Facebook finally showed a drastic shift from desktop to mobile monetization in its earnings numbers, as mobile ad revenue now accounts for 41 percent of Facebook’s overall ads business.

Mobile first? Perhaps not quite yet, but soon enough.

NASDAQFB


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Nobody was excited about paying top dollar for a movie about WikiLeaks. A film about the origins of Pets.com would have done better.

— Gitesh Pandya of BoxOfficeGuru.com comments on the dreadful opening weekend box office numbers for “The Fifth Estate.”