“Facebook Inc’s stock fell as much as 24 percent after hours on Wednesday over concerns about the impact of privacy issues on the social media company’s business, with executives warning that revenue growth would slow and expenses would rise,” Reuters reports. “The plummeting stock price wiped out about $150 billion in market capitalization in under two hours.”
“The company had cautioned investors to expect a big jump in costs because of efforts to address concerns about poor handling of users’ privacy and to better monitor what users post. Total expenses in the second quarter surged to $7.4 billion, up 50 percent compared with a year ago,” Reuters reports. “The new General Data Protection Regulation (GDPR) in the European Union forced several changes to Facebook’s privacy terms and sign-up process… Facebook saw monthly active users in Europe decline about 1 million people amid the new regulations, Facebook Chief Executive Mark Zuckerberg said on the conference call.”
“The threat of additional regulatory setbacks remains a concern, according to analysts,” Reuters reports. “Facebook suffered a blow in China on Wednesday when regulators there withdrew their approval of a company innovation hub to support local startups, the New York Times reported on Wednesday, citing a person familiar with the matter.”
Read more in the full article here.
MacDailyNews Take: Faceplant!
Facebook is a shit outfit with a privacy-trampling business model and a corrosive product that deserves every bit of karmic retribution it gets and then some.
As we’ve written previously, “If you trust Mark Zuckerberg to be the keeper of your photos, contacts, political views, religious beliefs, etc., you’re batshit insane.”
Instant messages sent by Mark Zuckerberg during Facebook’s early days, reported by Business Insider, May 13, 2010:
Zuckerberg: Yeah so if you ever need info about anyone at Harvard
Zuckerberg: Just ask
Zuckerberg: I have over 4,000 emails, pictures, addresses, SNS
[Redacted Friend’s Name]: What? How’d you manage that one?
Zuckerberg: People just submitted it.
Zuckerberg: I don’t know why.
Zuckerberg: They “trust me”
Zuckerberg: Dumb fucks—
We use FaceBook as an RSS feed. Our CMS automatically reposts our article headlines and links them back to our website. That is our only interaction with Facebook and has been our only interaction with Facebook for years. We deleted our personal accounts [which we opened only so we could understand the Facebook phenomenon] many years ago.
If you want to share photos and videos with friends, text them using Apple’s end-to-end encrypted iMessage service. You need to control your social networking, not cede it to a gatekeeper like Facebook. – MacDailyNews, March 19, 2018
SEE ALSO:
Apple highlights user privacy as Facebook exec steps down – June 14, 2018
The 18 things you may not realize Facebook knows about you: Firm reveals the extent of its spying in a 454-page document to U.S. Congress – June 12, 2018
Facebook confirms sharing users’ personal data with Chinese companies – June 6, 2018
Apple’s macOS Mojave removes integration with third-party internet accounts like Facebook – June 6, 2018
Apple borks Facebook’s pervasive personal data-harvesting operation – June 5, 2018
Apple requested ‘zero’ personal data in deals with Facebook – CEO Tim Cook – June 5, 2018
Facebook CEO blasts Apple’s latest privacy protections as ‘cute virtue signaling’ – June 5, 2018
Facebook — It’s user’s personal info *is* the product.
Yup. And that least batch of BS is what took me offline. I did value it as I live 2600 miles from everyone I grew up with, etc., but no longer will I allow that smug as swipe Zuck use me as a pawn to get richer. This may finally be the dawning of a new era of people not being tech lambs lead to slaughter. At least I hope so. It would be nice to see people out and about talking for a change. And heaven forbid, kids playing outside!
Karma cuts hard.
“decline about 1 million people”
A million more people who don’t care if Facebook censors ANYTHING!
I use FB a lot to meet up with my artist and political friends in real life but, in toto, FB does not make me a better person and neither does it serve me that much. We could use email. Should FB fold, I would not mind.
why do you announce that you’re an artist in your name on macdailynews?
But how can you be sure that I am indeed an artist? I could be lying.
I use FB to follow pages of interests (news and stuff I like and find interesting) and ZERO “friends”. Like the dudes at MDN, I closed my old personal account years ago.
FB is a breeding ground for narcissists.
Funny how the whole tech sector took a hit by facebook’s issues…
Lemming world.
It is Facebook correction, that’s all there is to it.
It’s gonna be an ugly day on wall st. tomorrow. Apple is also going to take a big hit.
Lots of paper losses tomorrow.
New all time high for Apple today. Are you short Dave???
I don’t know what market you’re watching, but for Apple to have an all time high, it would have to CLOSE above $195.50, so far as of 2:12pm eastern Apple is trading at $194.74. Get back to my at the end of the day.
It would be, if people only used MacDailyNews and Fox News.
Everybody sing along!
I tried to sing along, but as an avid viewer of Fox News I kept getting confused by this word “think”.
Good one!
The pervasive sound of “My Space-like Crickets” getting louder in Facebook world.
Usually money fleeing the FANG stocks flows to Apple until the brokers need to generate revenue by pumping up the stocks with sky-high multiples.
What this really is is a reflection of the Federal Reserve Corporation pulling back some of the free money they have been playing with before the FED, in turn, finances our US government deficits again with another round of quantitative easing.
Maybe Putin will send a $13 billion relief package to Zuckerberg to keep the Russian troll farm employed.
Users didn’t vanish. Growth was slower than expected. In other words, Facebook has more users, not less. Profits rose 31% though.
To quote Ron White: