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Facebook stock falls below $30 as social network looks at Opera browser

30 May 2012
Facebook

Facebook stocks fell below $30 a share for the first time, while the company reportly scours the technology markets for potential new revenue streams.

Facebook stocks closed at just under $29 per share Tuesday on the Nasdaq exchange. Meanwhile rumors suggest the company is looking at going mobile as a way to generate a new stream of revenue.

The social network's stock continues to slide, following a 10 per cent drop last week. Facebook has lost $25 billion in value in just the last few weeks.

According to a Reuters report, Facebook is in discussions with the web browser maker Opera in hopes of buying the company.

The purchase would be significant for Facebook, as the Opera mini is a popular mobile app. Reports indicate that Opera could be worth $1bn, a sum similar to what Facebook paid for Instagram earlier this year.

Enderle Group founder and principal analyst Rob Enderle believes that the rumours of Facebook's inquiry into Opera suggest that the social network is scrambling for direction. With shares struggling, Facebook may be looking to prove something to investors without thinking things through.

"The process should be plan then action, and they appear to be doing this the other way around because they are afraid that folks will figure out they are a one-trick pony and that trick is ageing badly," Enderle told V3.

Facebook is also reportedly considering building its version of a smartphone. The company hired former iPhone engineers earlier this year and rumours persist that executives are planning their own iPhone killer.

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James Dohnert
About

James is a freelance writer and editor. In addition to ClickZ, his work has appeared in publications like V3, The Commonwealth Club, CachedTech.com, and Shonen Jump magazine. He studied Journalism at Weber State University.

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