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Facebook (FB) stock hit a new 52-week record high of $337.69, surpassing its previous high of $333.78.
Facebook Inc (NASDAQ: FB) stock rallied Monday hitting an intraday peak of $337.24 (up 2.1%). The Nasdaq Composite Index rose 0.49% to 13,881.72 while the Dow Jones Industrial Average fell 0.36% to 34,630.24. Monday’s high marked the company’s gains for the second time in a row.
The uptrend occurred as Facebook announced that it will not take any revenue cuts from its paid creator features until 2023. These include paid online events, badges, fan subscriptions, and the upcoming Facebook Journalism project, in an effort to lure in influential personalities from its competitors such as YouTube and Apple.
Moreover, Zuckerberg went on to say that when the company does institute a revenue cut, it will be less than the 30% taken by Apple and other social media sites. His post came in a ‘throw down the gauntlet’ fashion, seeing as Facebook and Apple have had a lengthy feud over their business strategies.
Facebook (FB) Stock and Market Outlook
Earlier on, Apple Inc (NASDAQ: AAPL) updated its privacy features, making it increasingly difficult for Facebook to generate personalized ads and follow through with their performance. More generally, Apple has critiqued companies that infringe user privacy by tracking mobile activities so that they may sell relevant ads. On the other hand, Facebook together with other app developers has admonished Apple for its excessively stringent control on App Store.
The recent hike in Facebook stock showed that the company will likely not suffer a dent in its financial gains, especially after the Trump ban. Facebook had earlier barred former POTUS Donald Trump from its platform indefinitely following the Capitol riot in January. However, more recently, the company’s Oversight Board clarified that his accounts were suspended for two years.
Thereafter, the social media platform will re-evaluate the risk to public safety before Trump is allowed back. Should Trump commit other violations in the future, further strict sanctions will be promptly implemented.
Facebook stock hit a new 52-week record high of $337.69, surpassing its previous high of $333.78. It also outdid competitors such as Microsoft Corp (NASDAQ: MSFT) which rose 1.20%, Alphabet Inc (NASDAQ: GOOGL) which rose 0.36%, and Twitter Inc (NYSE: TWTR) which rose 1.07%. Generally, its performance has been on a steady rise with gains of 2.39%, 10.00%, and 31.83% in 5 days, 1 month, and 3 months respectively. Its YTD performance is 23.22% and its 1 year is 45.45% according to MarketWatch.