Facebook stocks pass flotation level for first time

<p>Shares in Facebook have been growing in value.</p>

Shares in Facebook have grown in value beyond their flotation level for the first time.

Stocks in the company rose to as high as $38.31 in morning trading, although they fell back to close at $36.80.

When Facebook initially floated, its share price dropped to about the $18 mark, which results in around $48 billion being wiped from the company's stock market value.

Last month, Facebook announced that its sales rose to $1.81 billion between March and June, a 53 per cent increase from the previous quarter.

On the back of this news, shares in the social networking site rocketed by around 20 per cent and they have continued to grow in value over the course of the last week.

Mark Zuckerberg, Facebook's founder, said the firm has made good progress in the last three months and is confident this performance will continue in the near future.

"The work we've done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future," he said.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.