STREAM 1090 BN IMAGE

Facebook Loses Half of its Market Value

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.

Comments

One Comment

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Seattle

DOWNLOAD IT NOW!
Watch Danny Bonaduce On DANNY TV

Listen Live