Facebook Inc is preparing for a record-setting fine from U.S. regulators over pr...
- Facebook Inc is preparing for a record-setting fine from U.S. regulators over privacy issues, but Wall Street shrugged at the looming penalty after the company added users and trounced profit expectations for the first quarter.
Some companies pulled their ads off the social network and users tweeted #DeleteFacebook as they shut down their accounts. And investors knocked nearly $70 billion off Facebook’s market value in less than a month as executives admitted costs of fending off outright regulation would spiral. “All this just solidifies Facebook as a shining example of ‘whatever doesn’t kill you makes you stronger’. Figures show its users are generally happier now, following alterations to the algorithm to give them more ‘meaningful content’.
Facebook founder and Chief Executive Mark Zuckerberg in March said he was open to government oversight of social media, and in a blog post said Facebook’s future is in private messaging. The company is also working on a WhatsApp-based payments system. Facebook is also a global and diversified company. Its U.S. users have held relatively steady in recent quarters, but overseas markets fuel growth.
“Along with Google, we expect Facebook to be a primary beneficiary of the about $600 billion global advertising industry’s secular shift from offline to online,” Baird Equity analysts saidOf course, regulatory risks remain and more bad headlines could turn off users, analysts said. Facebook has also grappled with scrutiny over how the platform was being used to promote extremism and spread misinformation.
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