The unwanted media attention Facebook received for its part in the Cambridge Analytica data sharing scandal has spilled into the platform's dissemination of fake news, and Zuckerberg felt compelled to apologize for his company's lack of professionalism and failure to maintain consumer confidence. While the company did post a 42% year-over-year revenue growth this quarter, its management expects that Revenues will decline by high single-digits in both the third and fourth quarters, sequentially. At the current after hours prices and given its market cap at the close Wednesday, Facebook is poised to lose more than $123 billion in market value. Facebook's loss was the biggest single-day drop since it started trading publicly in May 2012.
After the earnings report, executives worked to explain the potential of Facebook's other properties, not just the main social network, to fuel growth.
The company's earnings report showed that it is not immune to repercussions from the barrage of privacy scandals and the costs of combating abusive accounts and misinformation that it has faced. Overall, Facebook grew its global users by 11 percent from the same time a year ago.
White House Bars CNN Correspondent After She Questions Trump
Or maybe they were just following Trump's order. "This type of retaliation is wholly inappropriate, wrong-headed, and weak". Russian President Vladimir Putin said on Friday he had invited U.S.
The report was a relief to investors in the U.S. technology sector, still reeling from a profit warning by Facebook Inc Wednesday that plunged its stock 19 percent.
Specifically, Wieser says new European rules about company obligations to protect consumer privacy known as GDPR may prove to be expensive for the company in the long run.
Read the full story at Fox News.
House Conservatives File to Impeach Rod Rosenstein
Meadows and Jordan could still force the issue on Thursday before lawmakers head home for the House's month-long August recess. A group of House Republicans introduced articles of impeachment against Deputy Attorney General Rod Rosenstein on Wednesday.
"I think many investors are having a hard time reconciling that deceleration", Brent Thill, an analyst at Jefferies LLC, told Facebook executives, asking for a little more clarity on the reasoning. The EU's new privacy law, the General Data Protection Regulation (GDPR), is thought to have contributed to a loss of three million Facebook users in Europe. "Instagram has over 1 billion users, and all Facebook apps (Facebook, WhatsApp, Messenger, and Instagram) have 2.5 billion unique monthly users". Sales from United States, Canada and Europe fell US$75 million in the second quarter compared with a year ago, while revenue from other markets rose US$51 million.
For founder Mark Zuckerberg, the loss came to nearly $16 billion, according to Forbes, which tracks billionaire wealth in real time. In case of the latter, Wehner noted that "total expense growth will exceed revenue growth in 2019", pushing down operating margins. Facebook Class B shares have 10 times the voting power of Class A shares, and Zuckerberg owns 75 percent of the Class B stocks.
The threat of additional privacy regulatory setbacks remains a concern, according to analysts.
$1 Million Mega Millions Ticket Sold In Plymouth
The odds of winning both jackpots are one in 75 quadrillion - that's 15 zeros - according to data scientists at Allstate. The victor can either take the entire US$522 million in instalments or an immediate lump sum of US$308 million.