Facebook shares rose for a third day, paring declines since its May 17 initial public offering, as new advertising services at the largest social network reassured investors it is focused on boosting revenue., the NY Post reports
Shares of the Menlo Park, Calif.-based company climbed 4.7 percent to $31.41. The shares have risen 15 percent since June 13, paring the decline since the IPO to 17 percent. The stock traded as low as $25.52 on June 6.
Facebook said yesterday it is working on a location-based mobile advertising product that will let companies target users with real-time data showing their whereabouts. Facebook also agreed to purchase Face.com, a photo-recognition company that already has partnered with the social network.