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YOUR FRIENDS' ACTIVITY

    Facebook IPO Sends Tech Stocks Surging

    By Zoe Fox | Mashable – Thu, Feb 2, 2012

    Facebook filing for IPO Wednesday did good for more than just the social network. Companies associated -- even tangentially -- saw their stocks soar in trading Thursday.

    As the largest Internet IPO to date, Facebook's plan to raise $5 billion lured investors to pour money into similar web companies.

    [More from Mashable: Social Media Has Turned Super Bowl XLVI Teams’ Marketing Upside Down]

    Zynga did particularly well on the market Thursday, following a statement in Facebook's S-1 saying the social game maker generates 12% of the company's revenue. Zynga rose 16.84% in trading, finishing the day at $12.39 per share.

    “We currently generate significant revenue as a result of our relationship with Zynga, and, if we are unable to successfully maintain this relationship, our financial results could be harmed,” read Facebook's S-1.

    [More from Mashable: Are Google Search Trends Better Election Predictors Than Polls? [INFOGRAPHIC]]

    Facebook takes a 30% cut of all virtual goods sold through Zynga games such as FarmVille and CityVille, which results in significant profits. Of Facebook's $3.71 billion in sales in 2011, $445 million was generated by Zynga. While some investors had considered Zynga a risky investment due to its dependent relationship with Facebook, it became clear Wednesday that Facebook too is dependent on Zynga.

    Despite no direct business relationship, professional social network LinkedIn saw a 6.37% increase in share values. Renren, often called China's Facebook, saw shares rise 8.18%. The revenue generated by Facebook, as was detailed in the S-1, likely encouraged investors to buy stock in social networking companies.

    Other Internet companies such as Groupon, Netflix and Pandora also saw their shares rise in trading Thursday.

    Take a look through the gallery below to see the details of how Internet stocks fared Thursday. Do you think this is a good sign for Internet companies or could we be approaching another dot-com bubble burst? Sound off in the comments.

    1. Zynga (ZNGA)

    Previous close: $ 10.60

    Closing: $ 12.385

    Net change: 16.84%

    Traded on NASDAQ

    Click here to view this gallery.

    Additional Facebook IPO Coverage

    Thumbnail image courtesy of Katrina.Tuliao and Crunchies2009 via Flickr

    This story originally published on Mashable here.

     

    1 comment

    • John
      John  •  3 mths ago
      It smells like the internet bubble in 1999-2000 all over again
     Post a comment
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