Facebook joins the $100 billion club, reclaims Wall Street confidence

08/27/2013 | Bloomberg · TechCrunch

Nearly a year after its shares hit an all-time low of $17.55 amid controversy over its $16 billion initial public offering, social networking company Facebook has come full circle and is now valued at more than $100 billion. Analysts say Facebook's rebound, which saw shares briefly hit an intraday high of $41.94 on Monday, is due to optimism over the company's mobile advertising prospects. "The market is gaining confidence that Facebook is going to be a viable profit-generating machine in the future," said Laurence Balter, an analyst at Oracle Investment Research.

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Bloomberg · TechCrunch

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