Friday, August 17

Facebook shares fall to lowest since IPO

Reports are Julia Boorstin, CNBC executives at Facebook on a shift to smartphones and the mobile world focus, but some investors are concerned about the strategy.

Facebook were shares by 15 percent to just under $23 in trading Friday after the company lack of financial forecast concerns about its mobile strategy reinforced the result quickly cash in the near future will burn.

The decline of moved the stock to its lowest price since the IPO in the middle of May.

The social network, which announced its first quarterly results as a public company on Thursday, managed to beat only sales expectations.

"It seems based on the aftermarket reaction to the result, that more than a flip wanted to investors," Piper Jaffray & co analysts said in a client note.

Investors who are worried, would have been money such as the social network of mobile advertising had also hoped that the company would signal that growth was picking up.

JPMorgan Securities analyst said that the stock could also come under pressure due to a lock-up expiring on 19 August when some early investors sell their shares flooding of the market with was can.

Reuters contributed to this report.

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