Facebook Inc (NASDAQ:FB) is boosting its mobile and advertising revenue
Facebook Inc (NASDAQ:FB) finally rises to $28.91 after hitting its all time low of $25.52. Shares of the social network site have climbed up 6.53% after the tech giant Apple Inc had announced the integration of facebook on its iPhone and iPad software as well as the new Mac operating system at its annual conference on Monday. The integration will lead to a higher and easier usage of the network site by the users of facebook, thereby increasing its revenue.
The social network site has reportedly said to have set to file a motion to consolidate all the shareholder lawsuits against the social network site, and is expected to place some blame on the NASDAQ for its botched IPO when it files the motion. The investors had filed suits against facebook following an earning estimate cut by its underwriters on the Company’s lower revenue growth in the last quarter which the Company had not disclosed during its IPO. The Company had opened its IPO in May at price as high as $38 and reached its high of $45 the same day which was also accompanied by a glitch on NASDAQ’s part.
The Company however is pulling up its revenue by bringing its focus on the mobile segment also as weel as advertising segment. It had recently announced the introduction of its centralized “App Center” that consists of more than 600 applications including Nike+ GPS, Ubisoft Ghost Recon Commander, Stitcher Radio, Draw Something and Pinterest.
App Center recommends applications based on users’ personal choice and their friends choice and also connects users with Apple’s and Google’s respective application stores for creating simplicity for the users to download apps on mobiles. But, the Company’s advertising revenue still remains a matter of concern with the withdrawal of GM’s advertising from Facebook just before its IPO.
FB is also now to be included in the Russell 3000 index with other IPO majors of the likes of software maker Splunk Inc (SPLK.O) and financial services provider EverBank Financial Corp (EVER.N).