Reuters: Global Markets: Facebook shares fall as lock-up period expires

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Facebook shares fall as lock-up period expires Oct 31st 2012, 13:56 Tweet Share this Email Print Related News Markets shut on Tuesday, focus shifts to Wednesday Mon, Oct 29 2012 Stock markets closed as storm hobbles New York Mon, Oct 29 2012 Star Silicon Valley analyst felled by Facebook IPO fallout Fri, Oct 26 2012 Hurricane Sandy menaces U.S. after slamming Cuba Thu, Oct 25 2012 Facebook wins back friends on Wall Street, shares soar Wed, Oct 24 2012 Analysis & Opinion East Coast crippled by massive storm, death toll climbs A storm named Sandy Related Topics Tech » Hot Stocks » Asian Markets » Facebook » The aftermath of Sandy showcased in a series of large format pictures.   Full Article  Facebook logos on a computer screen are seen in this photo illustration taken in Lavigny May 16, 2012. Credit: Reuters/Valentin Flauraud Wed Oct 31, 2012 9:56am EDT (Reuters) - Facebook Inc shares fell 4 percent to $21.07 in busy early trade on Wednesday morning on the company's approval to let employees sell some stock. The world's largest social network waived a provision that prevented employees from selling shares until November 14. As a result, Facebook staffers were able to sell their vested shares on October 29. However, because the markets were closed on Monday and Tuesday due to powerful storm Sandy, Wednesday was the first trading day. About 234 million shares held by employees are eligible for sale in the public market. Facebook suffered a painful public debut earlier this year, as investors worried about the company's ability to keep up its revenue growth and the large pool of additional shares in the lock-up that are now hitting the market. Wall Street also has cast a gimlet eye on Facebook and its ability to attract mobile revenue as more people turn to smartphones and tablet devices to access the web. Last week, Facebook said it grew its mobile advertising revenue at a faster than expected pace, totaling $150 million in the third quarter. Estimates had pegged mobile revenue at $40 million to $50 million in the second quarter. (Reporting By Jennifer Saba; Editing by Gerald E. McCormick and Claudia Parsons) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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