Facebook Hits Record Speed To $250 Billion Market Cap
The company’s 2.4 percent climb to the record close on Monday made it the first company in Standard & Poor’s 500 Index to breach that market cap so fast. The previous record holder was Google – which took about eight years.
The company’s rise is even more remarkable because the stock lost more than half its value in the four months after its IPO in May 2012.
With a market value of $US253 billion, it now rates the ninth biggest company in the S&P 500.
Its revenue from advertising – from which the company gets more than 90 percent of its sales – increased 46 percent to $US3.32 billion in the first quarter from a year earlier. More than two-thirds of that came from mobile ad sales.