Facebook opens new London office, plans to add staff in 2018

Social media giant Facebook, Monday opened the doors of its new London HQ building. The new office, based off shopping hub Oxford street, will focus on engineering and support for new, UK-based start-ups.

Facebook opens new London office, plans to add staff in 2018

Social media giant Facebook, opened the doors of its new London HQ building Monday. The new office, based off shopping hub Oxford street, will focus on engineering and support for new, UK-based start-ups.

The future for Facebook, continues to look bright, meanwhile as analysts maintain their upbeat outlook for the tech firm.

Facebook shares closed down 1.17% at $175.10, Friday. Pre-Market activity Monday so far, suggests a positive open.

London office opens amid Brexit uncertainty

Facebook announced its plans for a new London office over a year ago. The news came despite continued uncertainty over the UK’s economic future amid Brexit concerns and political griping.

The office is now open and Facebook also plans to add 800 new staff in 2018, to the existing staff set to begin work in the building this year.

UK Chancellor Philip Hamond had a tour of the new building. Meanwhile, London Mayor Sadiq Khan praised the investment from the social media behemoth, particularly with regards to UK start-ups.

“The emphasis on engineering and the 800 new jobs being created shows London remains at the forefront of global innovation,” London Mayor Sadiq Khan said in a statement.

“The launch of the company’s incubator is set to play a crucial role in attracting vital talent to London and will help to pave the way for the next generation of successful start-ups,” Khan added.

Upbeat outlook

While London’s leaders enjoy some positive news for the city, analysts have recently reiterated their positive view of Facebook.

Last week, Barclays analyst Ross Sandler, reiterated his Facebook buy rating and $215 price target. If achieved that would represent a further 18% increase on top of the 60% gains made in 2017 to-date.

Meanwhile, JP Morgan analyst Doug Anmuth, was also positive on the stock, sticking to his $225 per share price target by December 2018.

“Facebook continued to deliver strong ad revenue growth, earnings beats, and significant number revisions in 2017," Anmuth wrote in a recent research note to clients. "We are positive on FB into 2018.”

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