Social media giant Facebook, Inc. (NASDAQ:FB) is back in the news regarding the way the company handles user data. The New York Times recently revealed that Facebook had multiple data-sharing deals in place with smart device makers like Apple Inc (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT).

In response to the news, FB stock traded down about 1 percent.

In the big picture, this sell-off is tiny and meaningless. Just like these renewed concerns regarding Facebook’s data privacy methods. FB stock is right near all-time highs — and up about 25% over the past month, as the Cambridge Analytica scandal has come and gone.

As for these data-sharing deals, they are just more noise. Investors don’t care. Users don’t care. Advertisers don’t care.

Therefore, you shouldn’t care.

Here’s a deeper look:

Facebook’s Data-Sharing Deals Don’t Matter

The New York Times piece sheds light on multiple data-sharing deals Facebook struck with other big tech companies that gave them access to vast amounts of user data.

At first glance, this doesn’t look very good. Ostensibly, it adds credence to the theory that Facebook is rather lackadaisical what it comes to data privacy.

But upon closer inspection, you’ll find that these deals aren’t really all that worrisome.

Facebook struck the data-sharing deals several years back, before smartphones were everywhere and before centralized app stores existed. Because of this severe lack of uniformity, Facebook needed to partner with device makers in order to optimize growth on mobile. So, Facebook struck deals with phone makers, allowing them to leverage Facebook data to recreate the Facebook experience on mobile and within respective mobile ecosystems. Any other uses of the data were strictly prohibited.

In this sense, the data-sharing deals under question were simply partnerships made between Facebook and other big tech companies to improve Facebook’s usability and reach, specifically on mobile. That seems like a good thing. Yet again, we see that Facebook is using data to provide an enhanced experience for the consumer.

Consumers are aware of this. That is why they don’t really care about data sharing. More than 99% of the time, data-sharing results in an enhanced user experience through relevant ads, posts and algorithmic rankings. Sure, less than 1% of the time you get a Cambridge Analytica scandal, but nothing is 100% bullet-proof.

From this perspective, Facebook users don’t really care about Facebook’s data privacy issues to date. Advertisers don’t care, either. If users and advertisers don’t care, then the Facebook business will keep dominating the secular growth digital advertising scene.

Facebook Stock Has Lots of Room to Run Higher

Putting all this data-privacy noise to the side, you’re left with a Facebook stock that is a case of huge growth converging on a discounted valuation.

FB stock trades at just 26 times forward earnings. But the company grew revenues by 50% last quarter. Operating margins expanded by a full 500 basis points. Operating profits rose 64%. Net profits rose 63%.

Those are huge growth numbers. But FB stock’s forward multiple of 26 isn’t huge. Amazon and Netflix, Inc. (NASDAQ:NFLX), both of which have lower revenue growth than Facebook, trade at triple-digit forward earnings multiples.

The only reason FB stock shouldn’t trade at a bigger multiple is if growth decelerates meaningfully over the next several years. But that won’t happen.

Facebook’s 50% revenue growth right now is powered by two things: Facebook advertising and Instagram advertising. But FB stock is much, much more than Facebook  and Instagram. The FB ecosystem includes 1.5 billion users on WhatsApp and 1.3 billion users on Messenger. It also includes Watch, Marketplace, and Workplace, three huge potential growth drivers in the OTT, e-commerce, and enterprise social networking spaces, respectively.

In other words, Facebook is presently using only two of its multiple growth drivers. Consequently, revenue growth and margin expansion should remain robust into the foreseeable future — and that should flow into a bigger multiple for FB stock.

Bottom Line on FB Stock

The New York Times article is just more noise in an otherwise very strong FB growth narrative supported by the world’s largest, most powerful, and most useful social media platforms.

Over time, the Facebook ecosystem will only get stronger — and FB stock will head only higher.

As of this writing, Luke Lango was long FB, AAPL, and AMZN.