Social media giant Facebook's shares saw a rise above its IPO price of 38 dollars before falling back to close at 36.80 dollars as a result of its strong revenue from mobile advertising.
According to the BBC, the site's share rose as high as 38.31 dollars in morning trading before closing at a lower price as the company's shares have seen a remarkable boost since it reported stronger-than-expected earning from mobile advertising.
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.
The report added that the company now derives 41 percent of its total ad revenue from mobile and investors have been encouraged by its fast growth in the mobile ad revenue.
