Boston, MA 06/25/2013 (wallstreetpr) – The leading provider of social networking services online, Facebook Inc. (NASDAQ:FB) had been working hard for more than a year on a project which is aimed at providing news reading services to its users on the mobile devices. With primary focus on news content obtained from the publishers and users, Facebook Inc. (NASDAQ:FB) is developing this service called Reader with the main objective of keeping its users glued to spending more time on their mobile devices for all their online needs.
The social networking services provider, Facebook Inc. (NASDAQ:FB) is primarily working to restructure its identity among the users. Reader, the project under development would enable the users to keep track of and interact effectively with the friends and peers. Such new project developments are also aiming at retrieving the sagging prices of the shares of the company, which is nearly 35 percent lower than the price of shares of Facebook Inc. (NASDAQ:FB) issued at the initial public offer.
The share prices of Facebook Inc. (NASDAQ:FB) had declined by 2.43 percent to close at $23.93 per share on Monday. The stocks of the company traded from $23.38 per share to $24.11 per share during the day, after opening at $23.95 per share on Monday. The shares of Facebook Inc. (NASDAQ:FB) had recorded 52 week low price level at $17.55 per share and 52 week high price level at $33.45 per share.
Facebook Inc. (NASDAQ:FB) had witnessed a trading volume of 40.63 million shares on Monday, while the average trading volume for the company is at 38.77 million shares per day. The social networking website services provider has 2.42 billion stocks outstanding in the stock market with an ownership at 34 percent of its holdings.
