Currently, Facebook is still reeling from its recent data privacy scandals in recent times. Just last week, Facebook said that it had found a bug in a part of its service that had allowed hackers to access information of nearly 50 million people. Of course, this is a bad time for Facebook to share this news as they are still facing scrutiny for its influence in elections and the Cambridge Analytica data scandal. However, many technology experts expect Facebook to make it through this troubling period as Facebook is investing in new data centers, more engineering staff, and more staff to monitor core content.
While Facebook is handling these controversies and breaches, it has also been announcing new developments and projects in the works. For example, in August, Facebook took a good step forward toward monetizing WhatsApp by allowing companies to send information to their customers through the app. Companies can also add a link to their WhatsApp chat on their website or pay Facebook to promote these chats in the shape of an ad. While last week, Facebook announced its new Oculus Quest VR headset. The Oculus Quest’s main strength is that it is a standalone product, meaning that the headset includes everything you require to get into VR. With Facebook's $2 Billion purchase of Oculus in 2014, Facebook's intention was to potentially dominate the future of gaming - virtual reality. Of course, throughout the years, virtual reality has truly grown in leaps and bounds and has expanded far beyond the gaming industry. Virtual reality is now being used in many, many different industries such as healthcare, retail, and entertainment. For example, Reason, a San Francisco based escape room allows its customers to use VR headsets in its escape room experiences. Mark Zuckerberg was correct when he spoke of VR at the time of his Oculus acquisition, “Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.”
As Facebook has been busy trying to move past recent scandals, it has also been busy releasing new technologies and new projects. Despite, its recent troubles, Facebook is still showing good growth in the future by investing in future technologies, finding new ways to monetize its platforms, and continually innovating.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.