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| Facebook share price passes $38 flotation level | Facebook share price passes $38 flotation level |
| (35 minutes later) | |
| Facebook shares have risen above the $38 flotation level for the first time since they began trading in 2012. | Facebook shares have risen above the $38 flotation level for the first time since they began trading in 2012. |
| The world's largest social networking site saw its price rise 1.2% to $38.08 in early morning trading, giving the company a market valuation of $92bn, | The world's largest social networking site saw its price rise 1.2% to $38.08 in early morning trading, giving the company a market valuation of $92bn, |
| The company's shares have been boosted since the company reported stronger-than-expected earnings on 24 July. | |
| Investors have been encouraged by the fast growth of Facebook's mobile advertising revenue. | |
| It now derives 41% of its total ad revenue from mobile. | |
| Facebook's flotation in May 2012 got off to a disastrous start as shareholders took fright over the company's apparent lack of mobile strategy and slowing revenue growth. | |
| Some accused founder Mark Zuckerberg of overhyping the company's growth forecasts. | |
| Just three months after the flotation, the share price had collapsed to about $18, wiping $48bn off the company's stock market value. | |
| But the company's recent forecast-beating results have helped restore investor confidence. |