Mega-cap tech stocks are marching in just one direction it seems this week: up! And leading the pack is none other than everybody’s favorite least-favorite social network Facebook (NASDAQ: FB).
But after one of the worst data breaches in modern history, how is Facebook at an all-time high?
Another Facebook scandal
Over the long Easter weekend, it was revealed that Facebook users may have had their personal data — including phone numbers — shared on an online hacking forum.
The data of more than 553 million users was stolen as a result of a security issue in 2018, with the company stating that the majority of it would be outdated as a result.
Not making me feel very safe there Mark… But so far little has been done from data authorities regarding the issue, with investigations underway.
Why is Facebook stock up?.
Facebook appears to be on the rise as a result of a broader market surge thanks to robust economic data on the service industries supported an advance in cyclical and growth-orientated industries. On top of that, CEO Mark Zuckerberg has gone on record to downplay the risk that Facebook could face when Apple’s device data privacy changes are implemented this year — a major point of recent contention between the two giants.
Analysts on Wall Street have also been very bullish on Facebook as of late following the company’s masterful meandering of a tricky advertising boycott campaign last summer, recent revenue all-time highs, and its ever-growing ‘other’ segment, including augmented reality technology, e-commerce, and hardware.
When are Facebook’s Q1 earnings?
Facebook is scheduled to report first-quarter results later this month. Wall Street is expecting both earnings per share and revenue to rise more than 30%.
A MyWallSt subscription gives you access to over 100 market-beating stock picks and the research to back them up. Our analyst team post daily insights, subscriber-only podcasts and the headlines that move the market. Get your free trial now!
MyWallSt operates a full disclosure policy. MyWallSt staff currently holds long positions in companies mentioned above. Read our full disclosure policy here.
Editor at MyWallSt
Jamie is the Content Editor here at MyWallSt. His favorite stock is Apple, which is also the first stock he ever bought. Jamie is not only a big fan of its products, but he believes that the tech giant has a whole lot more to give the world, and hasn't even scraped the surface of its potential.