Facebook Advances in Premarket After Long Service Outage
(Bloomberg) -- Facebook Inc. climbed in U.S. premarket trading after an hours-long service outage that the company blamed on a problem with its network configuration.
The stock gained 1.5% to $331.20 at 4:30 a.m. in New York, paring a 4.9% slump Monday tied to the service failure of its main app as well as Instagram and WhatsApp.
The downtime added to the pressure on the shares, which have fallen 15% from their record high on Sept. 7 through Monday’s close. A former employee accused the company of prioritizing profits over user safety. She has handed thousands of damning documents to U.S. lawmakers and the Wall Street Journal, which wrote articles last month on Facebook’s struggles with content moderation and Instagram’s negative psychological effect on teenagers.
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