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Social media giant Facebook (FB) and the rest of the Nasdaq Composite rallied heartily on Friday, as the index was carried just below its record high set last month.
It was a strong end to a week that started out difficult for FB. Several issues have pressured Facebook stock, and this week, analyst Daniel Ives suggested that Snap and Twitter stand to gain marvellously from FB’s news feed overhaul, according to a global media report.
The midweek report only added to the other woes the social media firm has been experiencing lately, ranging from concerns about addiction to Facebook to fresh reports that younger social media users are switching to Snapchat.
All in all, February has just been a difficult month for Facebook stock and much of the rest of the tech sector as well.
However, many see even greater potential in the company’s other properties, especially Instagram and WhatsApp.
Facebook stock ended regular trading hours on Friday in the green, up 2.4 per cent at $183.29 per share.