Social media giant Facebook’s (NASDAQ:FB) market capitalization reached $1 trillion U.S. for the first time after two antitrust cases against the company were dismissed.
The social-media giant’s share price jumped as much as 4.4%, the most since April 29, after a judge granted Facebook’s request to dismiss antitrust complaints filed last year by the U.S. Federal Trade Commission and state attorneys general.
Facebook’s share price has advanced 29% year-to-date after the COVID-19 pandemic increased public reliance on Facebook’s apps for staying in touch with friends and businesses, leading to steady growth in users and strong demand for digital advertisements.
Three years after Apple (NASDAQ:AAPL) became the first U.S. company to reach the $1-trillion U.S. market cap milestone, there are now four other U.S. technology companies that have surpassed the $1 trillion U.S. mark, including Microsoft, Amazon and Google parent company Alphabet (NASDAQ:GOOGL). Microsoft reached the $2 trillion U.S. level last week.
Facebook, which Mark Zuckerberg co-founded in 2004, is the youngest company to reach a $1-trillion U.S. market capitalization, having hit the milestone in just 17 years.
Facebook said in April that revenue in the current quarter will remain steady or accelerate from the first quarter, when sales expanded 48% to $26.2 billion U.S. Among 58 analysts who cover Facebook, 49 recommend buying the stock. Six analysts have hold ratings and three say sell.
