NEW YORK (TheStreet) -- Shares of Facebook (FB) dipped 0.24% to $75.58 in morning trading Wednesday after the social media giant reported government inquiries for user data rose nearly one quarter during the last year.
Facebook said government requests climbed 24% in the period from the second half of 2013 through the first half of 2014. Governments around the world made 34,946 requests between January and June 2014.
The company also announced government requests for content restriction increased by 19%.
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Facebook said it takes steps to make sure all inquires are legally sufficient. The company is currently contesting a bulk search warrant on 400 users that Facebook says violates both privacy and constitutional rights.
"We scrutinize every government request we receive for legal sufficiency under our terms and the strict letter of the law, and push back hard when we find deficiencies or are served with overly broad requests," said Chris Sonderby, Facebook Deputy General Counsel, in a statement.
Separately, TheStreet Ratings team rates FACEBOOK INC as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."