Shares of Facebook Inc(NASDAQ:FB) reversed early losses and turned higher in first 20 minutes of opening session, pushing back the stock above 20-day moving average price. The stock was recently higher by 0.50% to $31.12, well of early session’s low of $30.60.
As per recent data gathered by ComScore Inc., Facebook;s total users posted its first monthly increase in the past three month. The world’s largest social networking website witnessed a 1.10% jump in unique visitors in U.S. to 159.8 million in June from the previous month. There is more good news for the website, as time average time spent on the website rose 5.10% to 400.2 minutes or over 6.50 hours followed by a jump of less than 1% in the preceding month.
Recently, the company had reached settlement for legal claims with Yahoo! Inc.(NASDAQ:YHOO). Additionally both the companies formed an agreement to share content and advertising. The new contact would help both the companies to promote their products and bring consumers and advertisers premium media experiences on each other’s platform.
The company has been heavy criticized by Wall Street’s analysts stating the company lacks in monetizing ads from the mobile based users. Considering the growing usage of mobile users, it would be a challenging task for the company to impress its advertisers.
After unimpressive debut on the Wall Street in mid May, the stock has been bullish moves in the past couple of weeks and pushed the stock to recover over 21% from its record low of $25.52 early June. The stock had lost over 30% from its IPO price of $38 in just three weeks after making debut.
The stock is expected to show high volatility in coming two weeks ahead of its first ever quarterly earnings after going public. Analysts are estimating the company to report 12 cents a share on revenue of $1.15 billion. Investors would also like to the company’s performance in terms of advertising market.