Facebook has hit a milestone today as its stock price has topped $100 per share in current market trading hours. The company now has a market cap of over $280 billion.
Since July 16, Facebook’s stock price had hovered within the $90 range, creeping ever closer to $100. Analysts had predicted that the company would hit this record sometime between 2014 and 2016. The stock came close on Monday prior to its Q2 2015 earnings hitting an all-time high of $99.24 and even closed at $98.39 recently, but still hadn’t found a way to break through.
The social networking company announced its second quarter earnings in July, and some thought that this milestone would be hit then. However, since then, Facebook’s stock has dropped to the $93 to $94 range. But over the past few days, the stock has rebounded to now go as high as $102 in active trading today. One potential reason for the jump is Facebook’s recent announcement that the company has unveiled universal search across all public posts, likely taking on Google and Twitter.
Facebook’s stock price was originally priced at $38 per share, but actually traded at $42 before closing at $38.37. However, for the first year as a public company, shareholders didn’t seem overly impressed by its performance. And it’s not that Facebook didn’t try — it just made a few mistakes along the way.
Amid all of this, Facebook has dusted itself off and moved forward. The results have impressed stockholders, with the overall trend of its stock price moving upward. Out of the 12 quarters the company has provided earnings reports on, it beat Wall Street estimates 10 times, only falling short last quarter (it met expectations in Q2 2012, the first quarter of trading).
Since its public debut, Facebook has also launched and acquired products to help it remain relevant as a connector of people in the digital age. Among such activities include the purchase of Oculus VR in 2014 for $2 billion, the launch of Internet.org, broadening of its developer network with the acquisition of Parse, the unveiling of its version of an enterprise social network, and more.
Facebook’s stock opened up at $101.91 today, after closing at $99.67 yesterday. So far, it’s being pushed up 0.96 percent, with the market still open for another few hours. We’ll update where this stands after trading closes for the weekend.
The company is scheduled to announce earnings results from its third quarteron November 4.