NEW YORK (AP) - Facebook’s stock is continuing to fall.
The stock lost 97 cents, or 3.6 percent, to $25.93 in afternoon trading Tuesday. That’s down 32 percent from its initial public offering price of $38. Earlier, it hit $25.88, the lowest since the company went public.
Since Facebook Inc.’s stock began trading publicly on May 18, it has fallen on seven of the 11 trading days. There have been concerns about Facebook’s ability to keep increasing revenue and make money from its growing mobile audience, though many analysts hold upbeat long-term opinions on Facebook.
The IPO was highly anticipated and was supposed to offer proof that social media is a viable business and more than a passing fad.
Facebook has nearly a billion users and is based in Menlo Park, Calif.
Please read our comment policy before commenting.