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/ By Clive Minchom/
The shares of Facebook closed yesterday at US$37.63- just below the US$38 offering price of its IPO in May of last year.
It has traded well below that level since, to the frustration of the investor community many of whom felt the price was too high and that the company had potentially been misleading about its prospects at the time.
What a difference a year makes… Facebook last week reported excellent financial results, results which clearly demonstrated that as a company it has now figured out how to do well with mobile advertising. Its ability to cope with the shift to mobile had been at the core of investor complaints.
The company reported last week that its mobile advertising revenue grew 75 percent in just a single quarter, helping to fuel its strongest revenue progress since the third quarter of 2011.
In response its shares have now risen by 40% in just one week.
If the share price breaks through the US$38 level in the days ahead then founder Mark Zuckerberg will be in a very good place to say “I told you so” to his critics, though of course he will be much too diplomatic to do do…
