Facebook stock closes up for 3rd straight day

AP News
Posted: Jun 18, 2012 6:39 PM
Facebook stock closes up for 3rd straight day

Facebook's stock has had its third consecutive day of gains.

The stock increased $1.40, or 4.7 percent, to close Monday at $31.41. That's still down 17 percent from Facebook's IPO price of $38. Facebook began trading on May 18.

Facebook's stock has traded as low as $25.52 since the IPO.

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

On Monday, it's disclosed that Facebook is bringing one of its long-term vendors, facial-recognition technology company Face.com, in-house. Facebook wouldn't say how much it paid or what its plans are for Face.com.

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The Israeli company's technology helps people tag photos on the Web by figuring out who is in the pictures.