Facebook passes IPO price for 1st time since IPO

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. Facebook's stock has passed its IPO price of $38 before the market open on Wednesday, July 31, 2013. If the gains hold in the regular session, it would mark the first time the stock has risen above that mark since its rocky initial public offering in May 2012. Menlo Park-based Facebook has been on a roll since it reported stronger-than-expected earnings on July 24. Investors are upbeat about its fast-growing mobile advertising revenue.
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. Facebook's stock has passed its IPO price of $38 before the market open on Wednesday, July 31, 2013. If the gains hold in the regular session, it would mark the first time the stock has risen above that mark since its rocky initial public offering in May 2012. Menlo Park-based Facebook has been on a roll since it reported stronger-than-expected earnings on July 24. Investors are upbeat about its fast-growing mobile advertising revenue. File photo/AP Photo

New York (AP) — Facebook's stock price has passed its $38 IPO price for the first time since its rocky initial public offering more than a year ago.

Shares of Facebook Inc. are up 1.2 percent to $38.08 in morning trading Wednesday.

The world's biggest online social network has been on a roll since reporting stronger-than-expected earnings on July 24. Investors are especially upbeat about its fast-growing mobile advertising revenue.

Facebook's ability to grow mobile revenue was one of the biggest concerns in the weeks leading up to its IPO last year. Investors were worried that its ad business was not migrating to mobile gadgets as quickly as its user base.

Facebook now derives 41 percent of its total ad revenue from mobile advertising. That's up from zero in the spring of 2012.

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