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Facebook shares fly to all-time high

The social network's shares are up 70 percent in value since its second-quarter earnings report in late July.

Sarah Tew/CNET

Facebook shares hit a record high of $45.05 during trading on Wednesday, marking the first time the social network's stock has crossed the $45-a-share price point since it went public on May 18, 2012.

Wall Street has been enamored with the social network ever since it reported second-quarter earnings at the end of July. Facebook quieted the critics by proving it could make money from the attention of a burgeoning mobile audience that totaled 819 million people at the end of the quarter.

In the month and a half since the report, the value of Facebook shares has skyrocketed by roughly 70 percent, climbing from a depressed $26.51 prior to the July earnings report to Wednesday's new high.

At the time of publication, Facebook shares have slipped a bit from the $45.05 record, though the stock is currently up by more than 2.5 percent for the day.

If you recall, Facebook very briefly, and just barely, skimmed the $45 mark on IPO day before sliding back to close its opening day at $38.24. Sixteen months later, the company has come full circle.

Update, 1:00 p.m. PT: Shares peaked at $45.09 Wednesady afternoon but Facebook closed the day at $45.05.