Facebook shares, which have been doggedly crawling their way back from a historic plunge after lapses in users’ privacy triggered fears of lower earnings, on Friday struck an intra-day record high for the first time in over 12 months.
Facebook briefly surged 0.72% to touch $219.88 at noon, its highest level ever, before giving up the day’s gains to complete down 0.11%. The stock on Thursday achieved a document closing high, topping the last record shut seen on July 25, 2018.
However, the next day, on July 26, 2018, shares of the world’s largest social network fell 19%, a day after the company unexpectedly warned that it faced a multi-year clasp on its revenue margins.
That bombshell played into issues that Facebook’s future was under threat following criticism of its handling of customers’ privacy and its role proliferating “fake information,” along with waning user growth in profitable sectors. The corporation’s stock lost practically half its value in a selloff lasting into December 2018.
The strong stock efficiency of Facebook, which is a part of the so-called FANG group of shares along with Amazon, Alphabet, and Netflix, performed an outsized role in Wall Street’s rally in recent times.
At the same time, as Facebook struggles to rehabilitate its reputation, corporations have continued to make use of its online advertising service, with analysts on average anticipating advertising revenue to have increased by 26% in 2019.
Marking Facebook’s relative drop from grace, the Menlo Park, California-based firm fell to the 23rd position in Glassdoor’s list of “Top Places to Work” in 2020 from seventh place in 2019.