Facebook shares rose in extended trading on Monday after the company reported better-than-expected third-quarter earnings while revenue missed estimates.
$29.01 billion vs $29.57 billion expected by analysts, according to Refinitiv.1.93 billion vs. 1.93 billion expected by analysts, according to StreetAccount.2.91 billion vs. 2.93 billion expected by analysts, according to StreetAccount.Facebook will make significant changes in the next year to focus more on its full-screen video Reels feature, which competes directly with TikTok,told analysts on the earnings call.
He warned that, "this shift will take years, not months, to fully execute," and that ultimately it will be as significant to Facebook as the adoption of the News Feed and Stories features.Zuckerberg kicked off the earnings call with a Facebook whistleblower Frances Haugen giving evidence to the joint committee for the Draft Online Safety Bill, as part of government plans for social media regulation.Haugen initially shared documents with the Wall Street Journal, which published a series of stores on them, and she then appeared in front of a Senate panel earlier this month to testify about her experiences at the company. Since then, Haugen has released documents to several more news outlets, leading to additional news articles.
He touted Facebook's investments in research and said the rest of the industry should follow its lead.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Facebook shares rise as investors focus on earnings beat and buyback over revenue miss and outlookFacebook CEO Mark Zuckerberg has responded to recently leaked documents & reports about the company: 'My view is that what we are seeing is a coordinated effort to selectively use leaked documents to paint a false picture of our company.'
Read more »
Breitbart And Other Conservative Publishers Get ‘Special Treatment’: Here’s What The ‘Facebook Papers’ Allege So FarMisinformation Free-For-All And A ‘Tepid’ Response To Capitol Riots: Here’s What The ‘Facebook Papers’ Allege So Far
Read more »
European markets set for modest rise, with earnings in focus; HSBC beatsEuropean stocks are set to open slightly higher on Monday as investors continue to monitor corporate earnings, Covid-19 and the inflation picture.
Read more »
Stocks Close At Record Highs After Tesla Hits $1 Trillion In Market ValueInvestors are looking ahead to major tech earnings this week, hoping they can further boost stocks.
Read more »
Facebook whistleblower documents offer new revelations about Jan. 6 responseInternal documents offer new insight into Facebook and the Jan. 6 riot in Washington, D.C.
Read more »
As a mob breached the Capitol, anger and dissonance coursed through Facebook's ranksHours after the Jan. 6 assault on the U.S. Capitol, Mike Schroepfer, Facebook’s chief technology officer, posted on the company’s internal message board.
Read more »