Facebook shares rise close to IPO price

Washington, July 31 (ANI): Social networking giant Facebook's shares rose 6.2 percent to close at 37.61 dollars on Tuesday and came within price of its IPO of 38 dollars more than a year ago.

According to the CBS News, Facebook has been on a roll since it reported stronger-than-expected earnings this month as a result of its mobile-ad revenue.

The report said that Facebook's ability to expand mobile revenue was one of the biggest concerns in the weeks leading up to its IPO last year and investors were worried that its ad business was not moving to mobile gadgets as quickly as its user base.

Founder Mark Zuckerberg had earlier said that the work the company has done to make mobile the best Facebook experience is showing good results and provides them with a solid foundation for the future as the company saw 655.6 million dollars in revenue from mobile ads in the three months from April to June.

However, Facebook now derives 41 percent of its ad revenue from mobile advertising, the report added. (ANI)

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