Facebook Stock Looks Poised to Rally Back to $300

Among the devastating impacts of COVID-19 on businesses, advertising budgets have been hit hard. Even Wall Street heavyweight Facebook’s (FB) advertising business has been battered by the pandemic, with an advertiser boycott also weighing on the segment.

In the second quarter of 2020, the company’s top 100 advertisers accounted for 16% of its revenue, which is a lower percentage compared to a year ago. That being said, based on recent data, the tide could be turning for the social media giant.