Facebook tops revenue estimates as FTC opens new antitrust probe
5 years, 5 months ago

Facebook tops revenue estimates as FTC opens new antitrust probe

LA Times  

Facebook Inc. is still adding users and exceeding analysts’ estimates for advertising sales, showing that the size and power of its social network have so far been unhindered by new regulatory constraints and criticism of its business model. In its second-quarter earnings report, the company also disclosed that the U.S. Federal Trade Commission, which earlier Wednesday announced the settlement of an inquiry into Facebook’s privacy practices, has opened a formal antitrust investigation into its business. While growth at the main Facebook app has slowed, the company is still adding users quickly on other properties, and has embarked on a project to weave its platforms together, creating an even bigger network. In a statement Wednesday, the company said 1.59 billion people log into the main social-media service daily, compared with the 1.57 billion users projected in a Bloomberg survey. In June, the company unveiled plans for a new global cryptocurrency, called Libra, that it hopes will lower the cost of sending money internationally and help increase payments and commerce across Facebook’s stable of apps.

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History of this topic

Facebook owner hit with 251 million euros in fines for 2018 data breach
4 weeks, 1 day ago

Facebook owner hit with 251 million euros in fines for 2018 data breach

Associated Press  

LONDON — European Union privacy watchdogs hit Facebook owner Meta with fines totaling 251 million euros on Monday after an investigation into a 2018 data breach on the social media platform that exposed millions of accounts. Ireland’s Data Protection Commission issued the penalties after wrapping up its inquiry into the breach, when hackers gained access to user accounts by exploiting …

Facebook must face $3.8 bln UK mass action over market dominance, tribunal rules
11 months ago

Facebook must face $3.8 bln UK mass action over market dominance, tribunal rules

The Hindu  

Facebook must face a collective lawsuit valued at around 3 billion pounds over allegations the social media giant abused its dominant position to monetise users' personal data, a London tribunal ruled on Thursday. Legal academic Liza Lovdahl Gormsen, who is bringing the case on behalf of around 45 million Facebook users in the UK, says they were not properly compensated …

FTC proposes ban on Meta profiting from minors’ data
1 year, 8 months ago

FTC proposes ban on Meta profiting from minors’ data

The Hindu  

The U.S. Federal Trade Commission on Wednesday accused Meta's Facebook of misleading parents about protections for children and proposed tightening an existing agreement on privacy to include a ban on making money from minors' data. Specifically, the FTC said Facebook misled parents about how much control they had over who their children had contact within the Messenger Kids app and …

Facebook parent Meta posts solid 1Q results, stock soars
1 year, 8 months ago

Facebook parent Meta posts solid 1Q results, stock soars

Associated Press  

Facebook parent company Meta’s first-quarter results surpassed Wall Street’s modest expectations on both profit and revenue, sending its stock soaring in after-hours trading. “We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision.” Meta Platforms Inc. said Wednesday it earned $5.71 billion, or $2.20 per …

Facebook Used By Quarter Of World’s Population Daily In December: Report
1 year, 11 months ago

Facebook Used By Quarter Of World’s Population Daily In December: Report

ABP News  

Facebook added an average of two billion users in December who used the site daily — about a quarter of the world's population. As per a report by BBC, Facebook’s parent company Meta said that the number of users on the site daily increased by 4 per cent from a year earlier, adding users even in Europe, the US, and …

Facebook owner Meta to pay biggest ever fine of its kind over data privacy
2 years ago

Facebook owner Meta to pay biggest ever fine of its kind over data privacy

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Facebook owner Meta will pay the biggest ever fine over accusations it gave …

Facebook suffers first ever fall in revenues as advertising slows
2 years, 5 months ago

Facebook suffers first ever fall in revenues as advertising slows

The Telegraph  

Mr Zuckerberg, 38, bet big on the metaverse last year in an effort to return the company to growth. On Wednesday, the US Federal Trade Commission filed an injunction to block Meta’s purchase of Within, a virtual reality company, and accused Mr Zuckerberg of an “illegal acquisition to expand virtual reality empire”. Revenues from its WhatsApp messaging app and virtual …

Facebook's parent company reports a drop in revenue for the first time ever
2 years, 5 months ago

Facebook's parent company reports a drop in revenue for the first time ever

NPR  

Facebook's parent company reports a drop in revenue for the first time ever Enlarge this image toggle caption Noah Berger/AFP via Getty Images Noah Berger/AFP via Getty Images Facebook parent Meta was hit with a double whammy in the last three months: revenue fell for the first time ever and profit shrank for the third straight quarter, amid growing competition …

Meta’s Facebook to pay $90 million to settle privacy lawsuit over user tracking
2 years, 11 months ago

Meta’s Facebook to pay $90 million to settle privacy lawsuit over user tracking

Live Mint  

Facebook agreed to pay $90 million to settle a decade-old privacy lawsuit accusing it of tracking users' internet activity even after they logged out of the social media website. Users accused the Meta Platforms Inc unit of violating federal and state privacy and wiretapping laws by using plug-ins to store cookies that tracked when they visited outside websites containing Facebook …

Facebook suffers biggest one-day fall in history as shares plunge over 26pc
2 years, 11 months ago

Facebook suffers biggest one-day fall in history as shares plunge over 26pc

The Telegraph  

Facebook suffered the biggest one-day drop in value of any company in Wall Street history as a dismal set of financial results prompted a brutal sell-off. Shares in Meta, the recently rebranded parent company, fell by 26.4pc, knocking over $230bn off its value, the day after it revealed that growing competition from TikTok had sent Facebook’s user numbers falling for …

Facebook, Twitter and YouTube lost nearly $10 billion in revenue after Apple introduced privacy change
3 years, 2 months ago

Facebook, Twitter and YouTube lost nearly $10 billion in revenue after Apple introduced privacy change

India Today  

Apple’s App Tracking Transparency Policy, which requires users to give consent to apps to track their online activities, cost social media apps including Snapchat, Facebook, Twitter, and YouTube nearly $10 billion in revenue, according to an online report. Apple’s App Tracking Transparency gives control to users over whether an app can track their online and iPhone activities and use the …

Facebook changes name to Meta to highlight virtual reality shift
3 years, 2 months ago

Facebook changes name to Meta to highlight virtual reality shift

Al Jazeera  

Facebook is changing its name to Meta – a move that decouples its corporate identity from its social network, which has been under increasing fire. Facebook Inc. is re-christening itself Meta, decoupling its corporate identity from the eponymous social network mired in toxic content, and highlighting a shift to an emerging computing platform focused on virtual reality. “The metaverse is …

Facebook invests billions in metaverse efforts as ad business suffers
3 years, 2 months ago

Facebook invests billions in metaverse efforts as ad business suffers

The Hindu  

Facebook Inc said on Monday it will break out its division focused on hardware, virtual and augmented reality into a new reporting segment, as its main advertising businesses face "significant uncertainty." Facebook warned that Apple Inc's new privacy rules would weigh on its digital business in the current quarter, after the social media company reported quarterly revenue below market expectations. …

Facebook invests billions in metaverse efforts as ad business slows
3 years, 2 months ago

Facebook invests billions in metaverse efforts as ad business slows

Live Mint  

Facebook Inc said on Monday it will start publishing the financial results of its augmented and virtual reality labs as a separate unit, where it is investing billions in its ambitions to build the "metaverse" and as it reported that its main advertising business faces "significant uncertainty." David Wehner, Facebook's chief financial officer, said the company expected its investment in …

Facebook invests billions in metaverse efforts as ad business slows
3 years, 2 months ago

Facebook invests billions in metaverse efforts as ad business slows

India Today  

Facebook said on Monday it will start breaking out the financials for its virtual and augmented reality unit, an announcement that comes as its main advertising businesses face "significant uncertainty." Facebook warned that Apple Inc's new privacy rules would weigh on its digital business in the current quarter, after the social media company reported quarterly revenue below market expectations. Chief …

Facebook profits rise amid revelations from leaked documents
3 years, 2 months ago

Facebook profits rise amid revelations from leaked documents

Associated Press  

Amid fallout from the Facebook Papers documents supporting claims that the social network has valued financial success over user safety, Facebook on Monday reported higher profit for the latest quarter. The company’s latest show of financial strength followed an avalanche of reports on the Facebook Papers — a vast trove of redacted internal documents obtained by a consortium of news …

People or profit? Facebook papers show deep conflict within
3 years, 2 months ago

People or profit? Facebook papers show deep conflict within

Associated Press  

Facebook the company is losing control of Facebook the product — not to mention the last shreds of its carefully crafted, decade-old image as a benevolent company just wanting to connect the world. “A curated selection out of millions of documents at Facebook can in no way be used to draw fair conclusions about us,” Facebook tweeted from its public …

Facebook stock: Wall Street sends a clear message to the social media company
3 years, 2 months ago

Facebook stock: Wall Street sends a clear message to the social media company

CNN  

New York CNN Business — The release of “The Facebook Papers” is a huge black eye for the social media company, one that could lead to even more calls from regulators and politicians in Washington to break up Facebook. “The Facebook Papers” are a trove of internal Facebook documents based on disclosures made to the Securities and Exchange Commission and …

Facebook pours billions into ‘metaverse’ as ad business falters
3 years, 2 months ago

Facebook pours billions into ‘metaverse’ as ad business falters

Al Jazeera  

The company’s total revenue, which primarily consists of ad sales, rose to $29.01bn in the third quarter from $21.47bn a year earlier, missing analysts’ estimates of $29.57bn. Facebook warned that Apple Inc’s new privacy rules would weigh on its digital business in the current quarter, after the social media company reported quarterly revenue below market expectations. The financial commitment by …

Facebook fined $70 mln in Britain for breaching order in Giphy deal
3 years, 2 months ago

Facebook fined $70 mln in Britain for breaching order in Giphy deal

The Hindu  

Britain's competition regulator has fined Facebook 50.5 million pounds for breaching an order imposed during its investigation into the U.S. social media giant's purchase of GIF platform Giphy, the agency said on Wednesday. The CMA said Facebook had failed to provide full updates about its compliance with requirements to continue to compete with Giphy and not integrate its operations with …

Facebook fined $70 million for ‘deliberate’ failure to comply with UK regulator
3 years, 2 months ago

Facebook fined $70 million for ‘deliberate’ failure to comply with UK regulator

CNN  

London CNN Business — The UK competition regulator has slapped Facebook with a $70 million fine for repeatedly ignoring warnings and deliberately breaking its rules. The Competition and Markets Authority said in a statement Wednesday that Facebook had “consciously” refused to report all the required information during an investigation of the tech giant’s acquisition of online database Giphy. The tech …

FB whistleblower calls for regulation
3 years, 3 months ago

FB whistleblower calls for regulation

The Hindu  

A Facebook whistleblower went before U.S. lawmakers on Tuesday to push them to regulate the social media giant, after an outage hit potentially billions of users and highlighted global dependence on its services. She spoke to Senators less than a day after Facebook, its photo-sharing app Instagram and messaging service WhatsApp went offline for roughly seven hours, with “billions of …

Facebook asks court to dismiss FTC antitrust complaint
3 years, 3 months ago

Facebook asks court to dismiss FTC antitrust complaint

Associated Press  

Facebook is asking a federal court to dismiss a revised complaint against it by the Federal Trade Commission, arguing that the agency has not provided enough evidence to show that the company is a monopoly. In a motion filed Monday in U.S. District Court for the District of Columbia, Facebook said the FTC failed to prove that it has a …

‘Facebook prioritising profit over safety’
3 years, 3 months ago

‘Facebook prioritising profit over safety’

The Hindu  

The whistleblower who shared a trove of Facebook documents alleging the social media giant knew its products were fuelling hate and harming children’s mental health revealed her identity on Sunday in a televised interview, and accused the company of choosing “profit over safety”. Frances Haugen, a 37-year-old data scientist, has worked for companies including Google and Pinterest — but said …

Facebook asks court to toss FTC lawsuit over its buys of Instagram and WhatsApp
3 years, 3 months ago

Facebook asks court to toss FTC lawsuit over its buys of Instagram and WhatsApp

NPR  

Facebook asks court to toss FTC lawsuit over its buys of Instagram and WhatsApp Enlarge this image toggle caption Chesnot/Getty Images Chesnot/Getty Images Facebook is again asking a federal court to throw out the Federal Trade Commission's antitrust lawsuit accusing the company of crushing its rivals, in the latest chapter of the company's showdown with Washington critics. So the FTC …

Facebook ties up with Indian firm to provide SMB loans up to ₹50 lakh
3 years, 4 months ago

Facebook ties up with Indian firm to provide SMB loans up to ₹50 lakh

Live Mint  

New Delhi: Facebook is partnering with an Indian online lending firm to help provide loans to small domestic businesses, its country head said on Friday, as part of a push to bring more businesses to advertise on its platform. The social media giant is joining hands with Indifi to help provide loans ranging from Ra 50,00,00 to ₹50, 00,000 at …

FTC says Facebook 'bought and buried' rivals in renewed antitrust fight
3 years, 4 months ago

FTC says Facebook 'bought and buried' rivals in renewed antitrust fight

The Hindu  

The U.S. Federal Trade Commission refreshed its antitrust case against Facebook Thursday, adding more detail on the accusation the social media company crushed or bought rivals and once again asking a judge to force the social media giant to sell Instagram and WhatsApp. "It is unfortunate that despite the court's dismissal of the complaint and conclusion that it lacked the …

Federal Trade Commission Refiles Suit Accusing Facebook Of Illegal Monopoly
3 years, 4 months ago

Federal Trade Commission Refiles Suit Accusing Facebook Of Illegal Monopoly

NPR  

Federal Trade Commission Refiles Suit Accusing Facebook Of Illegal Monopoly Enlarge this image toggle caption Lionel Bonaventure/AFP via Getty Images Lionel Bonaventure/AFP via Getty Images The Federal Trade Commission is taking another swing at Facebook after a judge tossed out its initial effort in June, with a new complaint accusing the social media giant of illegally maintaining a monopoly by …

FTC says Facebook misused privacy decree to shut down ad research
3 years, 5 months ago

FTC says Facebook misused privacy decree to shut down ad research

The Hindu  

The U.S. Federal Trade Commission criticized Facebook Inc on Thursday for making "misleading claims" to explain why it had disabled the accounts of researchers studying political ads on the social media platform. The FTC posted a letter to Facebook CEO Mark Zuckerberg saying that it was "inaccurate" that the company's actions were required under the 2019 consent decree. "The FTC …

From Facebook to Twitter, Big Tech sees social commerce driving sales growth
3 years, 5 months ago

From Facebook to Twitter, Big Tech sees social commerce driving sales growth

The Hindu  

Led by Facebook, social media platforms from Alphabet's YouTube to Snap Inc and Twitter are investing heavily in shopping features to drive revenue growth, a major theme that emerged during second-quarter results over the past week. The companies are vying for a piece of the so-called social commerce industry, which relies on users' ability to discover and buy products through …

Facebook profits top $10B as its CEO exalts the ‘metaverse’
3 years, 5 months ago

Facebook profits top $10B as its CEO exalts the ‘metaverse’

Associated Press  

Concerns about a revenue growth slowdown pushed Facebook’s shares lower in after-hours trading Wednesday, not long after the company reported that its second-quarter profits doubled thanks to a massive increase in advertising revenue. In a conference call with analysts, Zuckerberg called the metaverse the “next generation of the internet and next chapter for us as a company,” one that he …

SC says Facebook needs to be accountable, upholds Delhi Assembly's right to summon it in riots case
3 years, 6 months ago

SC says Facebook needs to be accountable, upholds Delhi Assembly's right to summon it in riots case

India Today  

The Supreme Court on Thursday upheld the Delhi Assembly's right to summon and compel entities like Facebook to appear before its committees on grounds of its privilege. Hearing a plea filed by Facebook India's MD Ajit Mohan challenging the Delhi Assembly's summon to appear before it in connection with the 2020 Delhi riots, the Supreme Court held that digital platforms …

Facebook Hits $1 Trillion Value After US Judge Rejects Anti-Trust Complaints
3 years, 6 months ago

Facebook Hits $1 Trillion Value After US Judge Rejects Anti-Trust Complaints

News 18  

A US judge on Monday dismissed federal and state antitrust complaints against Facebook that sought to force the social media company to sell Instagram and WhatsApp, saying the federal complaint was “legally insufficient.” Facebook shares rose more than 4 percent after the ruling. A spokesperson for the New York Attorney General’s office said it was “considering our legal options.” Facebook …

Judge dismisses gov’t antitrust lawsuits against Facebook
3 years, 6 months ago

Judge dismisses gov’t antitrust lawsuits against Facebook

Associated Press  

WASHINGTON — A federal judge on Monday dismissed antitrust lawsuits brought against Facebook by the Federal Trade Commission and a coalition of state attorneys general, dealing a significant blow to attempts by regulators to rein in tech giants. New York Attorney General Letitia James said when filing the suit that Facebook “used its monopoly power to crush smaller rivals and …

Judge Dismisses Competition Cases Against Facebook; Facebook Shares Hit Record Highs
3 years, 6 months ago

Judge Dismisses Competition Cases Against Facebook; Facebook Shares Hit Record Highs

The Hindu  

A federal judge in Washington DC dismissed two antitrust lawsuits against Facebook brought by the U.S.’s trade regulator, the Federal Trade Commission, and a coalition of 48 states and jurisdictions. After the ruling, Facebook’s shares hit record highs and its market capitalization crossed $ 1 trillion for the first time. Judge James Boasberg dismissed the FTC case on Monday, saying …

Facebook joins $1 trillion club after antitrust win
3 years, 6 months ago

Facebook joins $1 trillion club after antitrust win

The Telegraph  

Facebook has reached a $1 trillion valuation, becoming the last of the “big five” American tech giants to pass the milestone following a victory in two antitrust cases. The social media giant’s shares jumped as much as 4.4pc - the biggest intraday gain since April 29 - after a judge granted its request to dismiss complaints filed last year by …

Facebook Gets Reprieve As Court Throws Out Major Antitrust Complaints
3 years, 6 months ago

Facebook Gets Reprieve As Court Throws Out Major Antitrust Complaints

NPR  

Facebook Gets Reprieve As Court Throws Out Major Antitrust Complaints Enlarge this image toggle caption Pool/Getty Images Pool/Getty Images A federal judge has dismissed two blockbuster antitrust complaints against Facebook, in a setback to federal and state prosecutors who were pushing for a break-up of the social media giant. But Judge James Boasberg of the U.S. District Court for the …

Facebook hits $1 trillion market cap after federal court dismisses FTC antitrust complaint
3 years, 6 months ago

Facebook hits $1 trillion market cap after federal court dismisses FTC antitrust complaint

CNN  

CNN Business — A federal court has dismissed the Federal Trade Commission’s antitrust complaint against Facebook, saying the agency had failed to provide evidence for its claim that the social media giant holds a monopoly in social networking. In an opinion published Monday afternoon, Judge James Boasberg of the US District Court for the District of Columbia held that the …

Facebook wins dismissal of U.S., states’ antitrust lawsuits
3 years, 6 months ago

Facebook wins dismissal of U.S., states’ antitrust lawsuits

LA Times  

A federal judge’s ruling delivers a blow to the FTC and the states, which claimed Facebook violated antitrust laws in order to cut off emerging competitive threats. The decision by U.S. District Judge James Boasberg in Washington on Monday sent Facebook shares soaring, pushing the company’s market value to more than $1 trillion. Rather than compete with its own products, …

Facebook earned $9.5 billion in latest quarter, up 94 percent from a year earlier
3 years, 8 months ago

Facebook earned $9.5 billion in latest quarter, up 94 percent from a year earlier

Firstpost  

Zuckerberg says the extra money means the company will invest more in new areas of potential growth, including AR and VR, commerce, and more. We are “very worried” about the COVID-19 situation in India, Facebook CEO Mark Zuckerberg said as he opened the company’s earnings call. CEO Mark Zuckerberg said the extra money means the company will invest more in …

Facebook reports soaring quarterly ad revenue, stock jumps
3 years, 8 months ago

Facebook reports soaring quarterly ad revenue, stock jumps

Associated Press  

Facebook’s stock jumped Wednesday into record territory after the social media giant reported stronger-than-expected results for the first quarter thanks to soaring ad revenue. While Facebook spent months fighting the change, Zuckerberg recently suggested that the new privacy controls could actually help his company in the long run. His rationale: The inability to automatically track iPhone users may prod more …

Facebook says it will pay $1B over 3 years to news industry
3 years, 10 months ago

Facebook says it will pay $1B over 3 years to news industry

Live Mint  

Facebook, following in Google's footsteps, says it plans to invest $1 billion to "support the news industry” over the next three years. The social networking giant, which has been tussling with Australia over a law that would make social platforms pay news organisations, said it has invested $600 million since 2018 in news. Google said in October that it would …

Facebook Fined EUR 7 Million Over Improper Data Use by Italian Watchdog
3 years, 10 months ago

Facebook Fined EUR 7 Million Over Improper Data Use by Italian Watchdog

News 18  

Italy’s competition watchdog said on Wednesday it had fined Facebook EUR 7 million for not complying with a request by the regulator to correct improper commercial practices in the group’s treatment of user data. In November 2018, the antitrust body ruled that Facebook had not informed users properly about its collection and use of data. It fined the US company …

Facebook's feud with Apple may dent ad revenue
3 years, 11 months ago

Facebook's feud with Apple may dent ad revenue

The Hindu  

Apple is all set to roll out its anti-tracking feature, an update that gives iPhone users more control over their data. The Cupertino-based company’s update has not gone down well with Facebook as the Apple’s move could ‘‘significantly’’ hurt Facebook’s ad revenue and user targeting strategy in 2021. The social media giant’s advertising revenue rose 31% in the last quarter …

Facebook 4Q results soar, in prelude to an uncertain 2021
3 years, 11 months ago

Facebook 4Q results soar, in prelude to an uncertain 2021

The Hindu  

Facebook capped a tumultuous 2020 with soaring earnings in the final quarter, its user base boosted by people staying home and its revenue buoyed by a shift to digital advertising amid the pandemic. But the company predicted uncertainty for 2021 and said its revenue in the latter half of the year could face significant pressure. It’s also facing challenges in …

Facebook to close Irish units at centre of tax dispute
4 years ago

Facebook to close Irish units at centre of tax dispute

The Hindu  

Facebook confirmed Wednesday it was closing its Irish subsidiaries at the centre of a dispute on profit shifting to avoid taxes in the United States. The California tech giant acknowledged the winding down of Facebook Ireland Holdings Unlimited Company amid a dispute with US tax authorities, which claimed the company owed billions in taxes by improperly shifting profits offshore. A …

Facebook faces antitrust lawsuit from federal government and states : Planet Money : NPR
4 years, 1 month ago

Facebook faces antitrust lawsuit from federal government and states : Planet Money : NPR

NPR  

The Case Against Facebook Enlarge this image toggle caption Pool/Getty Images Pool/Getty Images Last week, the federal government and attorneys general from 46 states filed one of the biggest antitrust cases in American history. The government argues that Facebook's acquisitions of Instagram and WhatsApp were illegal, and that Facebook should be forced to sell the companies off. Today on the …

Facebook feuds with Apple over privacy changes that threaten its advertising business
4 years, 1 month ago

Facebook feuds with Apple over privacy changes that threaten its advertising business

CNN  

CNN Business — Facebook is now waging a public relations effort to attack Apple ahead of new iOS data privacy changes that would make it harder for advertisers to track users, in a possible sign of just how much the social network views the move as a threat to its core business. The newspaper ads coincide with a new section …

U.S. FTC seeks info on how Facebook, Twitter, TikTok and others use personal data
4 years, 1 month ago

U.S. FTC seeks info on how Facebook, Twitter, TikTok and others use personal data

The Hindu  

The Federal Trade Commission is seeking information from Facebook, Twitter and other social media and video streaming companies about how they use the personal information that they collect on their users, the U.S. agency said on Monday. In addition to Facebook Inc and Twitter Inc, the orders requesting data were sent to Facebook subsidiary WhatsApp, Amazon.com Inc, China's ByteDance unit …

Agency homing in on social media companies’ data collection
4 years, 1 month ago

Agency homing in on social media companies’ data collection

Associated Press  

WASHINGTON — Federal regulators are ordering Facebook, Twitter, Amazon, TikTok’s parent and five other social media companies to provide detailed information on how they collect and use consumers’ personal data and how their practices affect children and teens. With its new request, the FTC wants to know how social media and video streaming services collect, use and track consumers’ personal …

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