Facebook shares closed above $30 on Wednesday for the first time in six months, signaling rising investor confidence in the social network ahead of it fourth quarter earning report later this month.
Following its botched IPO in May, the company’s stock tumbled from an opening price of $38 a share down to a low of $17.55 in September. Facebook’s stock has rebounded since then in part by ramping up its mobile business, which accounted for 14% of its ad revenue in the third quarter compared to almost nothing in the prior quarter.
Facebook shares were up 4% Wednesday to $30.39. The upward move comes a day after the company sent out press invitations for an event next week at its Menlo Park, Calif. headquarters. It didn’t offer any details on the announcement, with the invites reading only, “Come and see what we’re building.”