Facebook stocks pass flotation level for first time

Shares in Facebook have grown in value beyond their flotation level for the first time.

Stocks in the company rose to as high as $38.31 in morning trading, although they fell back to close at $36.80.

When Facebook initially floated, its share price dropped to about the $18 mark, which results in around $48 billion being wiped from the company's stock market value.

Last month, Facebook announced that its sales rose to $1.81 billion between March and June, a 53 per cent increase from the previous quarter.

On the back of this news, shares in the social networking site rocketed by around 20 per cent and they have continued to grow in value over the course of the last week.

Mark Zuckerberg, Facebook's founder, said the firm has made good progress in the last three months and is confident this performance will continue in the near future.

"The work we've done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future," he said.

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