Facebook suffers £83 billion financial blow following Cambridge Analytica scandal
28 July, 2018, 19:53 | Author: Lawrence Cooper
The social media company's financial results, released late Wednesday, fell short of Wall Street expectations as the company continues to grapple with privacy issues. It would also wipe his $13.7 billion of gains for the year, leaving him with just less than $70 billion.
The new laws were only in effect for one month of the quarter, which means the company may feel more of an impact in the current quarter.
Facebook has faced dozens of lawsuits over its handling of user data in a scandal also concerning the United Kingdom firm Cambridge Analytica. Facebook's stock price now stands at $176.26, having dropped by a massive 18.9% from the $217.50 value that it stood at before the company's earnings call. "While it is true that Facebook's loss of $119 billion in a day is the biggest one-day drop in USA stock market history, it should be noted that the large loss is partly due to Facebook's massive valuation as a company".
And despite a number of concerns, including the trade tensions surrounding the United States and its largest trading partners as well as the Federal Reserve's increases in interest rates, the S&P 500 is up more than 6 per cent this year and is only about 1 per cent below its high hit on January 26. The decline in Facebook's market value was roughly equivalent to the entire value of some of the country's best-known companies, including McDonald's, Nike and industrial conglomerate 3M.
Facebook has been playing favorites with certain users and companies who lean left politically, silencing pro-Trump people and companies including the influential Diamond and Silk. "And it reflects that many people use more than one of our services", he said.
Meant no disrespect to Trump, says official
Trump also asserted, without evidence, that his campaign had been illegally spied upon by the Federal Bureau of Investigation . Among Democrats, 78 percent disapprove of what Trump said about US intelligence findings, as do 59 percent of independents .
After all, from what little we know, the kids these days seem to be into Snapchat and Fortnite rather than posting semi-snide comments about the bridesmaid dress your friend has just got for Aunty Edwina's third marriage.
RBC Capital Markets analyst Mark Mahaney said the drop creates a rare buying opportunity for Facebook shares.
'The real concern is the revenue trajectory, ' one investor told the Financial Times when asked about Facebook's share price. The company was bombarded by public criticism over its content policies, especially in countries such as Myanmar and Sri Lanka where misinformation has led to violence. And it continued to suffer fallout from investigations into Russian manipulation of the platform during the 2016 USA presidential election. "The core Facebook platform is declining", said Brian Wieser, an analyst at Pivotal Research Group. Worldwide daily user growth for Facebook's namesake service slid for its sixth straight quarter, bringing it to almost 1.5 billion users in the second quarter.
Facebook saw slower daily active user growth that grew by only 22 million, which is pretty bad considering the last time Facebook saw these numbers was all the way back in 2011.
Eddie Pepperell shot the low round on the final day and held the clubhouse lead until fellow Englishman Justin Rose swiped it. His charge was a 2-under 69 in the strongest wind of the week, the only player from the last four groups to break par.
She said the crew and passengers were aware there was a storm brewing, but the water was calm when they set out on their cruise. The duck boat that capsized in Branson, Mo . will be raised from the bottom of Table Rock lake on Monday starting at 9 a.m.
But he said no money was actually ever transferred, and the recording itself amounted to "powerful exculpatory evidence". But the agreement meant that McDougal signed a non-disclosure agreement that prevented her from revealing the affair.
The final season of Game of Thrones doesn't have an official return date yet, but the final six episodes will air in 2019. Now, thanks to HBO's programming president Casey Bloys , we know it will arrive during the "first half" of next year.
And finally, Mr Spencer was told he could intimidate terrorists by pulling down his trousers and exposing his buttocks. Spencer apologized for what he called a "ridiculously ugly episode", but initially refused to step down.
Iran's economy and currency has tanked since Trump withdrew Washington from the 2015 Iranian nuclear agreement . The statement from President Rouhani that set off Trump was a clear threat to the United States.
In September 2017, in his first speech to the United National General Assembly, Trump threatened to "totally destroy" North Korea. Barring major domestic disturbances, Iran is preparing for a head-on confrontation, if only an economic one.
Better was to follow for the American, a target for Sunday's opponents, as he put the Germans into the lead with a minute to play. Pulisic, still just 19-years-old, has not yet reached the legal drinking age in the United States.
China and the European Union have responded to Trump's tariffs on their goods by slapping their own import fees on American items. Fourthly, we agreed today to join forces to protect American and European companies better from unfair global trade practices.
The congressman also dismissed a recent Washington Post report that officials are "purging" employees at the U.S. European Commission President Jean-Claude Juncker will discuss trade with Trump at a meeting on Wednesday.
Imran Khan claims victory in Pakistan elections
Several polling stations in Lahore also witnessed delays as the election staff did not reach the venue on time, the report said. Pakistan Tehreek-e-Insaaf, from its official Twitter handle, tweeted that the party is "heading right towards Naya Pakistan".
Kremlin aide says Putin, Trump may meet at G20 summit
Eighty-seven percent of Republicans and 54 percent of independents were among those who approved of a second Putin summit. Additionally, the poll showed 58% don't approve of how Trump's dealing with immigration while just 31% approved.
Nielsen rules 15th; Thomas stays on top
The 24-year-old Moscon was suspended by Sky for six weeks last year for using a racial slur against an opponent. It is the latest in a series of controversies involving the Team Sky rider.