Facebook falls to half of public offering price

Facebook falls to half of public offering price
A Facebook worker waits for friends to arrive outside of Facebook headquarters in Menlo Park, Calif., Friday, Aug. 17, 2012. (AP Photo/Paul Sakuma)
NEW YORK (AP) - Facebook's stock fell to $19 for the first time on Friday, meaning it has lost half its market value since the company's initial public offering in May.

It hit that milestone on Friday, a day after the expiration of a lock-up period. The lock-up's end has provided some early investors and insiders with an opportunity to sell shares.

Investors have been concerned about Facebook's ability to increase revenue and make money from its growing mobile audience. Many analysts, however, hold positive opinions of the company's long-term prospects.

The stock closed on its first day barely above its initial public offering price of $38. It has been below that level since.

On Friday, the stock fell 87 cents, or 4 percent, to $19 in afternoon trading.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

8/17/2012 1:21:09 PM (GMT -7:00)