Facebook's shares closed down 31% Thursday one year after its IPO (initial public offering). It's not alone despite market benchmarks hitting records in recent weeks.
Facebook's stock was sold at $38 last May. On Thursday, on the Nasdaq stock exchange, the company's shares closed at $26.13, down 1.8% on the day and 31% from its IPO price.
In the past year, a focus on mobile advertising and other changes have lifted Facebook's quarterly revenue to $1.46bn in its recently reported first quarter, up 36% from $1.06bn in the same period a year earlier. A quarter of the company's revenue now come from mobile ads
The Standard & Poor's Capital IQ Global Markets Intelligence group says that on the one-year anniversary of Facebook's IPO with the company's stock price underwater, some may be of the opinion that Facebook's stock price decline has been the only downbeat note in an otherwise buoyant IPO market; a review of IPOs, excluding funds and REITs (real estate investment trusts), completed in the last twelve months (LTM) shows that, at least in term of underperforming issues, Facebook is not alone. Specifically, the Global Markets Intelligence group investigated IPO laggards over the LTM by industry sector. The results are presented below.
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