7/31/2014

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Technology

Facebook closes above $40 for 1st time

Facebook closes above $40 for 1st time
In this May 18, 2012 file photo provided by Facebook, Facebook founder, Chairman and CEO Mark Zuckerberg, center, rings the Nasdaq opening bell from Facebook headquarters in Menlo Park, Calif.
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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.

Facebook announced a technology partnership Wednesday 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 company's initial public 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 the day of Facebook's IPO.
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