1 Aug 2013

Facebook shares pass stock market float level

1:46 pm on 1 August 2013

Shares in the world's largest online social network have finally risen above the price at which they were launched last year.

Facebook shares have hit more than $US38 for the first time since the company was put on the stock market.

The company's float in May 2012 got off to a disastrous start as shareholders took fright over the its apparent lack of mobile strategy and slowing revenue growth, the BBC reports.

But on Wednesday the stock price rose as as high as $38.31 in morning trading, before falling back to close at $36.80.

The company's shares have been boosted since the it reported stronger-than-expected earnings on 24 July.

Investors have been encouraged by the fast growth of Facebook's mobile advertising revenue from which it now derives 41% of its total advertising revenue.