New York - Facebook's beleaguered stock
has lost more than half of its value since its initial public
offering three months ago.
Facebook Inc.'s stock slid 7 cents to
$18.98 in morning trading on Monday. Earlier, it hit $18.75, a new
low. The social networking icon's much-anticipated IPO turned sour
amid technical problems on the NASDAQ stock market and high
expectations. The stock has not surpassed its $38 IPO price since its
first trading day.
Investors are worried about Facebook's
ability to grow revenue quickly, especially when it comes to
garnering mobile advertising dollars as users flock to smartphones
and tablet computers.
There are also looming expirations of the IPO
lockup periods. Lockups preventing many Facebook employees from
selling stock expire this fall, potentially flooding the market with