Friday, 17 August, 2018

Facebook to spend $10M for Zuckerberg's private jet and security

The Facebook logo on screens at the Nasdaq Market Site in New York's Times Square The Facebook logo on screens at the Nasdaq Market Site in New York's Times Square
Jodi Jackson | 30 July, 2018, 21:33

Days after Facebook's stock suffered the largest drop in Wall Street history, a shareholder sued the company accusing the social media network of making misleading statements about its user numbers and operations.

Siva Vaidhyanathan, a media studies professor at the University of Virginia and author of the new book, "Antisocial Media: How Facebook Disconnects Us and Undermines Democracy", dismissed the significance of the stock plunge.

According to the complainant, the marketplace was "shocked" when "the truth" began to emerge on Wednesday from the Menlo Park, California-based company.

World's giant technology company's news have always remained on top priority list of investors and traders as these companies contributes immensely for their share profits and losses.

The company also said revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns, would not be enough to fix the damage.

The lawsuit is designed for class-action status and seeks unspecified damages.

A Facebook spokesman declined to comment. The complaint also aimed at the company's failure to report falling operating margins and the significant decline in active users. Furthermore, the growth in the number of daily average users is slowing down as well.

Facebook has faced dozens of lawsuits over its handling of user data in a scandal also concerning the United Kingdom firm Cambridge Analytica. Since then, many have been consolidated in the federal court in San Francisco.

Thursday's plunge also hit Zuckerberg's bottom-line.

Zuckerberg even noted during a call with analysts that "we're investing so much in security that it will significantly impact our profitability".

These quotes and average results from its second quarter caused Facebook's stocks to drop a whopping 19 per cent overnight. The shares closed up 0.5 per cent.

Recommended

10 dead, dozens hurt after 6.4-magnitude quake rocks holiday island Lombok 10 dead, dozens hurt after 6.4-magnitude quake rocks holiday island Lombok Indonesia , an archipelago of thousands of islands, sits on the so-called Pacific Ring of Fire , a seismic activity hotspot. These include a Malaysian woman and a climber from South Sulawesi province who died in Mount Rinjani National Park .

Over 40 lakh left out of complete draft NRC in Assam Over 40 lakh left out of complete draft NRC in Assam The names of his son and daughter too were missing from the NRC, which is being updated to detect illegal migrants in Assam. Villagers wait outside the National Register of Citizens (NRC) centre at Mayong Village in Morigaon district.

Priyanka Chopra had once revealed the reason she wanted to marry Priyanka Chopra had once revealed the reason she wanted to marry Nick and Priyanka have been reportedly dating since late May, and sources tell People magazine that 25-year-old Nick popped the question during Chopra's 36th birthday party last week.

USA prepares new sanctions against Russian Federation USA  prepares new sanctions against Russian Federation In the declaration, Pompeo took Russian Federation to task for it actions in Ukraine, particularly the 2014 annexation of Crimea. But Russia also did not immediately jump at the opportunity to schedule a second summit between the two leaders.

Weather warning issued for Northamptonshire Weather warning issued for Northamptonshire Edinburgh's soaring temperatures (peaking at 26C) will drop down to around 20C tonight as cloud cover rolls over the clear skies. The Royal College of Nursing (RCN) said high temperatures in hospitals were leaving nurses exhausted, sick and dizzy.

Roseanne apologizes directly to Valerie Jarrett, then mocks her looks on 'Hannity' Roseanne apologizes directly to Valerie Jarrett, then mocks her looks on 'Hannity' Barr repeatedly told Hannity that to her, the tweet was a political statement and had nothing to do with race. Later in the interview, Hannity asked Barr to address Jarrett directly.

BriefOne Israeli dead and two wounded in stabbing attack north of Jerusalem BriefOne Israeli dead and two wounded in stabbing attack north of Jerusalem Attacks against Israelis in the West Bank are supported by many Palestinians as pushing back against settlement growth. The teenage assailant climbed over a wall and snuck into the settlement on Thursday evening, the Israeli army said.

UK woman told she can't divorce just because marriage is loveless UK woman told she can't divorce just because marriage is loveless He said if their marriage had irretrievably broken down it was because she had an affair, or because she was "bored". She says he has behaved unreasonably and that she should not reasonably be expected to stay married.

Another Man United Player Declares He Wants To Leave The Club Another Man United Player Declares He Wants To Leave The Club I want to follow on from the number of games I played last season, keep kicking on and helping the team and hopefully win some trophies.

Zoo accused of painting a donkey, passing it off as a zebra Zoo accused of painting a donkey, passing it off as a zebra In 2009, a zoo in Gaza painted two donkeys with black stripes to circumvent an Israeli restriction on the importation of animals. The zoo denied the allegations, with the zoo's director, Mohamed Sultan, insisting the zebras were not fakes.

GOP Lawmakers Move to Impeach Rod Rosenstein GOP Lawmakers Move to Impeach Rod Rosenstein The Justice Department essentially says it's trying to comply, but that these Republicans want a lot, and it takes times. Jim Jordan , frequent critics of the Justice Department.

Pakistan cricket star Imran Khan leads amid slow vote count Pakistan cricket star Imran Khan leads amid slow vote count The Pakistani election has been marred by allegations of fraud and militant violence after voters took to the polls on Wednesday. At least 31 people were killed in a suicide bombing outside a polling station in the southwestern Baluchistan province.

Korea begins dismantling rocket test site Korea begins dismantling rocket test site Pompeo added that "every single nation" must maintain enforcement of USA sanctions against North Korea. "He said, 'It will be done'".

Facebook loses one million European users to GDPR Facebook loses one million European users to GDPR Facebook's daily active users for the quarter were 1.47 billion, shy of the 1.49 billion forecast by StreetAccount and FactSet . The after-hours trading was on lower-than-expected revenue numbers from its second-quarter earnings report .

Search continues for missing Iowa woman Search continues for missing Iowa woman Posters of the University of Iowa student can be seen around the small city of 1,500. However, with the extremely rural terrain, full of corn rows, it has not been easy.