Tags: facebook | low | share | stock

Facebook Shares Bounce Back after Falling to New Low

Monday, 20 Aug 2012 12:24 PM

 

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Facebook's beleaguered stock got a late boost after hitting its lowest level ever earlier Monday.

Facebook Inc. hit a new low of $18.75 in afternoon trading before rebounding to end up 96 cents, or 5 percent, at $20.01.

The social networking icon's much-anticipated IPO turned sour amid technical problems on the Nasdaq stock market and high expectations. The stock has not surpassed its $38 IPO price since its first trading day.

Investors are worried about Facebook's ability to grow revenue quickly, especially through mobile advertising as users flock to smartphones and tablet computers. There are also looming expirations of the IPO lock-up periods. Lockups preventing many Facebook employees from selling stock expire this fall, potentially flooding the market with more shares.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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