After losing half its stock in a selloff that lasted from late July 2018 until December 2018, Facebook has finally rebounded and momentarily hit an all-time high on Friday, reaching $219.88 per share, or 0.72 percent higher. Shares ultimately ended down for the day by 0.11 percent.
The social media network had been struggling since its user privacy security concerns were made public. But on Friday, the company hit its first intraday record in well over a year.
The day before on Thursday, stocks topped a previous record from July 25, 2018. But a mere day later, shares fell after warning that profit margins would be challenged, and the revelation initiated a five-month selloff. Criticism about how the technology giant handled its users’ privacy data added to the concerns as well as accusations of generating “fake news.”
Facebook ultimately lost half of its value through the end of 2018.
In recent years, Facebook seemed to fall short of the so-called FANG group stock. The group of stocks includes tech giants Amazon, Netflix, and Alphabet, as well as Facebook. Facebook also fell to the 23rd spot of Glassdoor’s “Best Places to Work” list early this year after making an appearance in the number seven spot a year ago.
In spite of Facebook’s struggles to regain user trust, many still use the platform for advertising. According to Refinitiv, Facebook’s advertising revenue increased by 26 percent in 2019.