Facebook closes above $40 for 1st time

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Facebook founder, Chairman and CEO Mark Zuckerberg, center, rings the Nasdaq opening bell from Facebook headquarters in Menlo Park, Calif. on May 18, 2012. (AP Photo/Nasdaq via Facebook, Zef Nikolla, File)

Facebook founder, Chairman and CEO Mark Zuckerberg, center, rings the Nasdaq opening bell from Facebook headquarters in Menlo Park, Calif. on May 18, 2012. (AP Photo/Nasdaq via Facebook, Zef Nikolla, File)

NEW YORK (AP) — Facebook’s stock closed above $40 for the first time Friday.

The social network’s shares have gained 53 percent since July 24, when it reported strong growth in mobile ad revenue and a solid profit during its second quarter.

On Wednesday Facebook announced a technology partnership that aims to expand Internet access to the 5 billion people not currently connected. That could create more potential Facebook users.

Facebook Inc. went public in May 2012 at $38 per share. There were lofty expectations, but the initial public stock offering was marred by trading glitches. Worries about growth prospects then weighed on shares. They bottomed at $17.55 in September.

Those fears appear to have eased. The stock closed up 5.2 percent at $40.55 Friday, touching the highest price since its IPO.

 

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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