Facebook stock falls 6 percent for the week

AP News
Posted: Jul 20, 2012 4:48 PM

NEW YORK (AP) — Facebook's stock has finished the week down more than 6 percent.

It closed on Friday at $28.76, down 6.4 percent from a week ago. Since it went public in mid-May, the stock has been down for six weeks and up for three weeks. It's now 24 percent below its initial public offering price of $38.

Facebook Inc. began trading publicly in mid-May following one of the most anticipated stock offerings in history. The IPO priced at the top of a projected range that Facebook had boosted just days earlier.

The stock has fallen since then and has gone as low as $25.52.

Investors have been concerned about the social network's ability to keep increasing revenue and make money from its growing mobile audience, though many analysts hold positive long-term opinions.