Facebook stock hits new low

(CBS/AP) NEW YORK - Facebook's (FB) stock continued to fade Tuesday, dropping below $26 for the first time.

The stock was down in afternoon trading as much as $1.03 cents, or 3.8 percent, to $25.87, the lowest since the company went public. That's off 32 percent from its initial public offering price of $38.

Since Facebook's stock began trading publicly on May 18, it has fallen on seven of the 11 trading days. There have been concerns about Facebook's ability to keep increasing revenue and make money from its growing mobile audience, though many analysts hold upbeat long-term opinions on Facebook.

The IPO was highly anticipated and was supposed to offer proof that social media is a viable business and more than a passing fad. Facebook has nearly a billion users and is based in Menlo Park, Calif.

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