Facebook Stock Value Now Nearly Half of IPO After Two Months on Market
Facebook had a rough week on the NASDAQ, closing at an all-time low on Thursday.
The value, $20.04 a share, capped off three consecutive days of record declines for the stock after first entering the market on May 18. Shares hovered below $20 throughout the day.
Friday saw Facebook stock rebound 5.2 percent to $21.09, but the figure is still 44.5 percent south of its IPO price. The Facebook IPO was just over two months ago at $42.05 a share, with the price eventually closing at $38.23.
The social network released its first quarterly financial report as a publicly traded company just over a week ago. Facebook posted a net loss of $157 million, reversing a profit of $240 million a year ago, without certain items its net income was $295 million.
"Our goal is to help every person stay connected and every product they use be a great social experience," said CEO Mark Zuckerberg at the time of the quarterly report.
Amid these losses for the company, online advertising remains healthy -- 24 percent over the year-ago frame to $9.5 billion -- and Facebook's share is expected to grow.