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Facebook is now part of the elite $200 billion club.
Facebook's stock opened at $77 a share on Wednesday, pushing the company's market cap above $200 billion for the first time. That's roughly double what Facebook's market cap was when it went public in May of 2012.
To put that in context: Facebook's market cap is now higher than IBM ($192 billion), Amazon ($158 billion) and Pfizer ($186 billion). Of course, it still has quite a way to go to catch up to Microsoft ($370 billion), Google ($397 billion) and Apple ($605 billion).
The stock surged in late July after Facebook soundly beat Wall Street estimates with its second quarter earnings result. Facebook's revenue for the quarter came in at just under $3 billion, a gain of more than 60% year-over-year, thanks to strong growth in mobile ad revenue Read more...
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