Facebook just hit an all-time high | Tech News

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Facebook hit a record high Monday, trading up more than 1%.

Shares touched a record $199.58 less than two months after the Cambridge Analytica disaster sent shares into a bear market.

The recently rally has largely been powered by a first-quarter earnings report in April that impressed Wall Street, sending shares up almost 8% in a single day. The social-media giant blew past Wall Street expectations on almost every metric for the quarter, in the midst of some concern that users would flee the platform over the data scandal.

In early June, Facebook managed to shrug off additional news that the company shared data with 60 other companies, many of which are device sellers. Two days later, Facebook admitted that it shared data with Chinese device makers, pushing shares marginally lower. Since then, shares have rallied 5.4%.

Facebook is up 9.3% this year, beating the S&P 500‘s 2.75%.

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Markets Insider