Click to Skip Ad
Closing in...

Facebook stock hits new all-time high as company seeks to move past prior scandals

Published Jun 20th, 2018 9:32PM EDT
Facebook Stock
Image: AP/REX/Shutterstock

If you buy through a BGR link, we may earn an affiliate commission, helping support our expert product labs.

To say that the past few months have been incredibly challenging for Facebook would be a gross understatement. Not only has the company had to address a myriad of privacy concerns from pundits and users alike, the company’s entire ad-based business model has been called into question. And though Facebook and Mark Zuckerberg seemingly handled the fallout resulting from the Cambridge Analytica scandal as best they could, it sometimes seems as if new privacy controversies are emerging every few weeks.

Nonetheless, Facebook shares have rebounded completely from the lows they experienced in the immediate aftermath of the Cambridge Analytica debacle. At the time, Facebook shares plummeted by nearly 20%, dropping down to a low of $152 in late March. Since then, Facebook shares have steadily been on the rise. This week, Facebook stock — for the first time in history — managed to hit the $200/share threshold.

At the close of trading on Wednesday, Facebook shares were trading at $202, representing a brand new all-time high for the company. As to the root cause behind the stock’s recent rise, investors seem to be moving past the company’s data privacy issues and are now paying more attention to the company’s financials. And in that respect, there’s a lot to like about the current health of Facebook’s business.

During the company’s most recent earnings report, the social networking giant bested Wall St. expectations and posted a quarterly profit of $4.99 billion. Revenue, meanwhile, jumped by nearly 50% year over year. What’s more, Facebook’s user base increased by about 3.5% compared to the previous quarter. In short, all of the speculation regarding a massive exodus of Facebook subscribers didn’t pan out in the slightest.

Yoni Heisler Contributing Writer

Yoni Heisler has been writing about Apple and the tech industry at large with over 15 years of experience. A life long expert Mac user and Apple expert, his writing has appeared in Edible Apple, Network World, MacLife, Macworld UK, and TUAW.

When not analyzing the latest happenings with Apple, Yoni enjoys catching Improv shows in Chicago, playing soccer, and cultivating new TV show addictions.