Facebook stock closes above $40 for 1st time


NEW YORK — Facebook’s stock closed above $40 for the first time Friday.

The social network’s shares have gained 53 percent since July 24, when it reported strong growth in mobile ad revenue and a solid profit during its second quarter.

Facebook Inc. went public in May, 2012, at $38 per share. There were lofty expectations, but the initial public stock offering was marred by trading glitches. Worries about prospects then weighed on shares. They bottomed at $17.55 in September. Those fears appear to have eased. The stock closed up 5.2 percent at $40.55 Friday.