Facebook Stock climbed above $50 in early trading Thursday. Facebook’s stock is now up 88% in 2013, an impressive stride, considering the disappointing stock price position after its IPO last year.
It’s been a long battle back for the company, whose initial public offering was met with enthusiasm and later turned disappointment as Facebook share price dropped than 35% within a few months in a fast-growing mobile ecosystem, posing a lot of concern for investors.
At the time of its IPO, Facebook was generating most of its ad revenues from users who accessed the site on personal computers. Facebook has improved as a result of its strength on mobile and the prospect of additional revenue streams from Instagram advertising.
According to Mashable, the recent stock surge has pushed Facebook’s market cap above $120 billion, making it slightly more valuable than other tech giants like Intel and Qualcomm, and about $25 billion less valuable than Amazon.
According to a news report in the South China Morning Post, the Chinese government is expected to lift a ban on accessing Facebook in the Shanghai Free Trade Zone, a 17-mile area within one of China’s biggest cities. This means that Facebook could soon have another major source of revenue.
Image Credit: CNNMoney