Facebook rose to the highest price in seven weeks Wednesday after saying it is testing a service to place advertisements on mobile applications other than its own.
The shares of Menlo Park, Calif.-based Facebook advanced 6.5 percent to $23.29 at the close in New York, the highest since July 27. That helped pare the stock’s losses to 39 percent from the initial public offering in May.
By placing ads on third-party applications, Facebook follows competitors, including Google and Apple, in acting as a so-called ad network.
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