SAN FRANCISCO — Facebook’s market value passed $100 billion amid optimism that the world’s largest social network can bolster sales from mobile advertising.
The stock increased 2.6 percent to $41.61 at 12:45 p.m. in New York. Earlier, it touched $41.94, the highest intraday price since Facebook’s first trading day on May 18, 2012. Before Monday, the shares had advanced 52 percent this year, compared with a 17 percent gain in the Standard & Poor’s 500 Index. The stock closed at $41.34, up 79 cents.
The burgeoning market value is a turnabout for Facebook, which slumped as low as $17.73 in September. Concern about Facebook’s ability to sell more ads for wireless devices weighed on the shares after its $16 billion IPO, the largest technology offering on record. In a sign that chief executive Mark Zuckerberg is making progress in mobile, Facebook last month said promotions on smartphones and tablets generated 41 percent of quarterly advertising revenue, helped by new marketing tools. Full story for BostonGlobe.com subscribers.