By Noel Randewich
SAN FRANCISCO (Reuters) - Shares of Facebook
Facebook briefly rose 0.72% to touch $219.88 (168.41 pounds) at mid-day, its highest level ever, before giving up the day's gains to finish down 0.11%. The stock on Thursday achieved a record closing high, topping the last record close seen on July 25, 2018.
But the following day, on July 26, 2018, shares of the world's largest social network tumbled 19%, a day after the company unexpectedly warned that it faced a multi-year squeeze on its profit margins.
That bombshell played into concerns that Facebook's future was under threat following criticism of its handling of users' privacy and its role proliferating "fake news," along with dwindling user growth in lucrative markets. The company's stock lost nearly half its value in a selloff lasting into December 2018.
The strong stock performance of Facebook, which is part of the so-called FANG group of stocks along with Amazon
Even as Facebook struggles to rehabilitate its reputation, companies have continued to use its advertising platform, with analysts on average expecting advertising revenue to have increased by 26% in 2019, according Refinitiv.
Underscoring Facebook's relative fall from grace, the Menlo Park, California-based company dropped to the 23rd spot in Glassdoor's list of "Best Places to Work" in 2020 from seventh place a year ago.
(Reporting by Noel Randewich; additional reporting by Katie Paul; Editing by Leslie Adler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Updated Date: Jan 11, 2020 03:06:48 IST