Facebook shares bounce back to pre-scandal level

Shares in the social media giant are trading around $185 US early Friday, returning to the levels last seen eight weeks ago, when news broke that the company failed to prevent major privacy breaches during the run-up to the 2016 presidential election in the U.S.

Facebook shares fell in March on news the firm failed to prevent major privacy breach ahead of U.S. election

The Associated Press ·
Facebook shares are back trading where they were before a data privacy scandal rocked the social media giant. (Dado Ruvic/Reuters)

Facebook is back.

Shares in the social media giant are trading around $185 US early Friday, returning to the levels last seen eight weeks ago, when news broke that the company failed to prevent major privacy breaches during the run-up to the 2016 presidential election in the U.S.

Cambridge Analytica, whose clients included Donald Trump's presidential campaign, sought information on Facebook users to build psychological profiles on a large portion of the U.S. electorate.

Shares plunged 13 per cent on the revelation in March.

On the New York Stock Exchange on Friday, Facebook shares were changing hands at $185.79 US, up 26 cents from Thursday's close. 

On Thursday, Democrats on the House intelligence committee released more than 3,500 Facebook ads that were created or promoted by a Russian internet agency.

Despite the scandals, Facebook last month reported that first-quarter revenue, mostly from ads, soared 49 per cent.