For the first time, the market cap of Facebook hits $1 trillion.
For the first time, Facebook's market capitalization surpassed $1 trillion on Monday.
The social media company joins Apple, Microsoft, Amazon, and Alphabet, the parent company of Google, as the sixth American company to reach the milestone. After a favourable legal judgement dismissing an antitrust complaint brought by the US Federal Trade Commission and a coalition of state attorneys general, the company's stock rose 4.2 percent to $355.64.
Personalized advertisements that are shown to Facebook and Instagram users account for nearly all of Facebook's revenue.
The company also has a growing hardware division, which is working on devices including as the Portal video-calling gadget, Oculus virtual-reality headsets, and smart eyewear, all of which are expected to be available in 2021.
Facebook's first public offering (IPO) took place in May 2012, with a market capitalization of $104 billion.
After reporting dismal revenue and user data for the second quarter of that year, the company saw a massive 19 percent reduction in 2018. Data leaks, fake news, and, most famously, the Cambridge Analytica scandal, in which a data firm inappropriately obtained the data of 87 million Facebook users and used it to target ads for Donald Trump during the 2016 presidential election, all contributed to the dip.
Despite the scandals, Facebook has been able to recover and has managed to grow its user base and average income per person. Since July 27, 2018, the stock price has increased by more than 90%.
