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.
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