Facebook Stock Jumps on Shops Feature
Facebook (NASDAQ: FB) stock price is close to its all-time high of $224 as the tech giant continues impressing investors with user growth along with the launch of innovative features. The introduction of the Shops feature is highly applauded by investors because this measure will make it easier for individuals, small businesses and even big companies to list their products and services on Facebook and Instagram.
People all over the world have been using Facebook for expanding their business reach and customer base.
The company says the shop feature would help businesses that are struggling due to the pandemic as the new feature is free to use and permits the user to set up their shops with a custom look. The company seeks to enhance the shop feature in the future by enabling people to shop directly from the shop feature instead of moving towards the business website.
“We’re also working more closely with partners like Shopify, BigCommerce, WooCommerce, ChannelAdvisor, CedCommerce, Cafe24, Tienda Nube and Feedonomics to give small businesses the support they need,” Facebook says.
The Facebook stock price has been rallying at a robust pace since bottoming around $137 in March, thanks to robust first-quarter results and user growth amid staying at home policies. The Facebook stock surged close to 25% from March low to $216 at present, down slightly from an all-time high of $224 that it had hit in February this year.
The company had generated 18% year over year revenue growth in the latest quarter, while its operating income grew 78% and net income doubled from the past year period. Daily active users jumped 15% year over year to 2.36B, and Facebook family that includes WhatsApp surged 11% to 2.99B. The management expects further growth in its user base during the second quarter due to staying at home policies in April all over the world.