Facebook shares reach all-time high after announcing online shopping feature
Facebook CEO Mark Zuckerberg at the F8 Facebook Developers conference on April 30, 2019 in San Jose, California.
Justin Sullivan | Getty Images
Facebook’s stock hit a historic high of $ 230.75 on Thursday, as Wall Street was optimistic about the company’s focus on e-commerce. Facebook stocks climbed more than 6% in morning trading.
The social media giant announced Facebook stores on Wednesday, which will make it easier to post products on Facebook and Instagram.
Investors rallied behind Facebook’s announcement, Morgan Stanley writing in a note on Wednesday that it could make Facebook a competitor to Amazon and Google Alphabet. The stores also present themselves as a multi-billion dollar opportunity, analysts wrote.
Deutsche Bank also sees the opportunity for the company to raise billions.
“We think Facebook Shop in a simplistic bull case could generate up to $ 30 [billion] revenue opportunity, through a combination of transactional and advertising revenue from the exchange rate, “analysts wrote.
AB Bernstein said in a note to customers Thursday morning that Facebook stores could unlock a $ 1.3 trillion market.
“We have long viewed FB as the” rent “for the digital economy and an essential component of the online shopping ecosystem,” analysts wrote.