The Latino Facebook Quepasa.com (OTC:QPSA) hit a new 52-week high today after announcing the addition of a record 2.1 million new members in October yesterday. In late trading, shares of Quepasa were up 8 percent (or 46 cents per share) at $6.45 per share on heavy volume of more than 165,000 shares compared to its average daily volume of only 34,000 shares. The rapidly growing social network has a market cap of $85 million and a 52-week range between $1.11 and $6.45 per share. Quepasa still has a long way to go though before reaching its big brother’s value of $25 billion (Facebook’s estimated value).
The company reported that its membership base for Quepasa.com, the popular online social network for the Latino community, grew by more than 2.1 million in October, reaching 22.8 million total registered members.
These results demonstrate continued momentum in the growth of Quepasa's user base, following the addition of 2.0 million in September, 1.8 million in August and 1.4 million in July. Unique visits increased to 16.3 million in October from 16.0 million in September.
Quepasa.com continued to see particular growth momentum in its Brazilian user base, which accounted for 26% of its new users. This represents the largest source of new users, making Quepasa.com the fastest growing social network in Brazil on a percentage basis.
This is significant given that Brazil's population dominates social media consumption worldwide, with 86% of Brazilian Internet users regularly using social media sites, according to recent data from The Nielsen Company.
"The popularity of social networking among Latin Americans is clearly evident in our growth rate," said John Abbott, CEO of Quepasa. "With our overall growth rate averaging more than 66,000 new users per day, Quepasa.com is at the forefront of this strong market trend."
Quepasa, owns Quepasa.com, one of the world's largest, trilingual, Latino social networks. Quepasa.com is an authentic Latino community that provides fun, interactive, and easy to use social tools, and rich multimedia content in English, Spanish and Portuguese to embrace Latinos everywhere, and empower them to connect online, compete in contests and games and share their interests, ideas, and activities. Quepasa Corp. is headquartered in West Palm Beach, Florida with offices in Miami, Los Angeles, Scottsdale, and Hermosillo, Mexico.
For more information about the company, go to www.quepasacorp.com, or join for free at www.Quepasa.com.
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