Facebook Inc (NASDAQ:FB) has reached a number of great feats this week. The stock of the world’s largest social network topped $100 per share during Friday’s trading hours. Currently, the firm now sits with a market lid surpassing $280 billion. Facebook also ventured into projects that places the online entity in better competition with the likes of Alphabet’s Google search engine. This week, analysts also predicted the social network to be soon worth over $300 billion.
Facebook Inc Stock Tops $100
This Friday saw Facebook’s Stock Price surpass $100 per share. The price marks a milestone achievement for the firm, which has had booms in approval and hype. Since early July, the firm’s stock price linger around the $90 mark. Since then, investors and analysts have watched as Facebook slowly stalked $100 per share. Most of Wall Street had predicted the firm to see reach this feat between 2014 and 2016.
Prior the Monday of Facebook’s Inc second quarter earning report, the firm’s stock crept very close to $100. It recently closed at $98.39 before hitting its all-time pinnacle.
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Analysts and investors alike seemed pleased with Facebook’s achievement. The company’s stock tread as far as around $102 during active trading on Friday. The online firm’s stock closed at $99.6 on Thursday this week. It opened at $101.91 on Friday. The new record now has the company valued at $280 billion.
The first time analysts thought Facebook (NASDAQ:FB)shares would peak beyond $100 was in July, around the prospect on its Q2 earnings. Facebook’s earning report for the third quarter has been set for the 6th of November 2015.
Facebook Rivals Google
A likely reason for the company’s rise in share price could be its recent unveiling of a new universal search feature on its platform. This places Facebook in a more direct rivalry with search engine giants like Google, not forgetting other social networks such as Twitter.
“With over 10 billion searches per day and over 2 billion posts in our index, search is an important, long term effort at Facebook,” said search VP Tom Stocky. “When something happens in the world, people often turn to Facebook to see how their friends and family are reacting.”
Facebook’s Search feature now indexes 2 trillion posts. The move is said to be a jab at Google’s core business and Twitter’s recent news tool. The addition will let users search through topics as well as posts dating back to Facebook’s inception. While Facebook has arguably introduced enough ad features this year, the new search feature stands to play a great role in its ad game too.
“We have been so used to using Google, the question is to what extent could Facebook add to that or to substitute for that,” reported Enders Analysis. “And it is still unclear. In the short to medium term there is no significant threat to Google.”
For the search function to build traction on Facebook(NASDAQ:FB), public content will have to be posted continuously. People will also have to be deterred from Google in order for Facebook’s search feature to take off.