It’s a major changing of the technology guard for corporate America.
Facebook’s market capitalisation shot past IBM’s in recent weeks, as Mark Zuckerberg’s social media behemoth saw its value rise to roughly $208 billion in worth as of last Thursday.
Thanks to a remarkable share surge over the past year, Facebook’s market value has leapfrogged any number of the gold-plated names of American industry, including Verizon, AT&T, Coca-Cola, Walt Disney, Bank of America and Citigroup.
Facebook’s shares – up 44 per cent over the past 52 weeks – have fared far better than the broader S&P, which rose about 9 per cent over the same period. The stock has gained mostly on the back of a solid earnings story that has quickly changed the story surrounding the shares away from its disastrous IPO and toward for Facebook to monetise its mobile growth. Facebook’s earnings due later this month; will be another test of its ability to turn the stickiness of its website into profits.