Facebook’s day of reckoning: Blip or sign of broader turn?

Facebook’s day of reckoning: Blip or sign of broader turn?

Mark Zuckerberg is also counting the cost of user disenchantment with Facebook. "However, we believe the magnitude of the decline in Facebook's stock in after-market trading last night was an extreme overreaction - especially for a stock that we believe was already meaningfully undervalued". Another suit points to lack of disclosure around the lower level of monetization associated with Instagram Stories, a feature that the company had touted as a success. It follows two years of investigations and scandals.

Facebook has faced dozens of lawsuits over its handling of user data in a scandal also concerning the United Kingdom firm Cambridge Analytica. Facebook saw a decline in Europe to 279 million daily users.

Now new European data rules could make life tougher for Facebook.

The Trillium Assets proposal charged that the lack of an independent board chair and oversight contributed to Facebook "missing, or mishandling, a number of severe controversies", including the social media site being used for the Russian meddling in US elections, the sharing personal data of 87 million users with Cambridge Analytica, proliferation of fake news and others, the Business Insider said.

Facebook has shown that it can not sail forever forward while facing various storms, including Cambridge Analytica and the Russian government's use of the social media platform to sow divisions amongst Americans during the 2016 presidential campaign. Late past year the company already issued a warning about profitability, and in April Zuckerberg admitted to Congress that the company had reacted slowly.

There are still indications that the company is struggling to respond to online manipulation.




North American sales were up 44 percent year-over-year to $32.17 billion, with operating income at $1.84 billion.

Mark Zuckerberg, the chairman and chief executive of Facebook, lost more wealth in a single day than the entire market value of Molson Coors Brewing Co, or Nasdaq or Ralph Lauren Corp.

There are varying views concerning how serious Facebook's situation is. It reached $25.91 per user, up from $23.59 during the first quarter.

Facebook said it had 1.47 billion daily active users in June, compared with the 1.48 billion average of analysts' estimates compiled by Bloomberg.

Want more Glenn? Check him out on Facebook, Twitter, and YouTube. Its profit warnings for the future have led to talk of a shift from "hyper-growth"... to just growth.

Facebook's ongoing struggle with producing fake news also continues to add to its woes. In light of increased investment in security, we could choose to decrease our investment in new product areas, but we're not going to - because that wouldn't be the right way to serve our community and because we run this company for the long term, not for the next quarter.

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