Facebook had another strong quarter, beating estimates to start 2017. Revenue in the first quarter climbed 49% to $8 billion, which was significantly higher than most analysts expected, and net income was $3 billion or $1.04 per share, compared with consensus estimates of just 87 cents.
It earned that from 1.94 billion users, up from 1.86 billion last quarter, growing at a faster 4.3% compared to 3.91% last quarter.
Facebook said in its last quarterly update that it expects to see its advertising growth rate "come down meaningfully" in 2017 as it stops adding more advertising to the news feed.
Facebook Messenger now has over 1.2 billion monthly active users, with the platform adding 200 million users in just eight months.
The milestone, announced ahead of Facebook’s annual conference for software developers next week by head of Messenger David Marcus, is key to Facebook’s push to own more of people’s time and wallets on mobile devices as the arms race with Google and other competitors escalates.
The German Parliament approved a plan Wednesday that will force social media companies like Facebook and Twitter to remove hate speech within 24 hours or face a fine of up to $53 million.
Angela Merkel’s cabinet voted on the measures amid concerns over free speech, with campaigners, technology firms and journalists raising fears that tightened regulations could restrict expression. "Hate crimes that are not effectively combated and prosecuted pose a great danger for the peaceful cohesion of a free, open and democratic society," said Chancellor Angela Merkel’s cabinet.
The European Commission is accusing Facebook of providing incorrect or misleading information during the Commission’s investigation into its merger with WhatsApp back in 2014, opening the company to a possible fine of 1% of its turnover. It centers around the fact that Facebook told the Commission that it would be unable to reliably automate matching between separate accounts on the messaging app and the social network.
"Companies are obliged to give the Commission accurate information during merger investigations. They must take this obligation seriously," Ms Vestager, the European Union’s Competition Commissioner, said.
The European Union has given Microsoft the green light over its $26 billion acquisition of LinkedIn, CNBC reports. As expected, the EU has put some conditions in the deal. As expected, the EU has put some conditions in the deal.
The European Commission granted its approval on the condition that Microsoft allows rival professional networking sites to integrate its Office applications and cloud-computing services for the next five years. PC makers in the EU will also have the option of not installing LinkedIn’s app, Microsoft said.
Facebook has received a licence from the central bank in Ireland to operate a financial payments service, two years after applying for authorisation, according to the Sunday Business Post.
A subsidiary of the social media giant can now act as a payments provider and electronic money issuer, as well as provide credit transfers and remittance services across the EU, as a result of the regulatory approval. The company has been in the payments space for some time in the US.
Google, Facebook and telecom and undersea infrastructure developer TE SubCom and PLDC (Pacific Light Data Communication Co. Ltd.) are teaming up to build a 120 Terabits per second (Tbps) submarine cable that will connect Los Angeles with Hong Kong.
The new 12,800 km cable, called the Pacific Light Cable Network (PLCN), will be the highest-capacity trans-Pacific cable yet. The companies did not say how much they will invest in the new ultra high-speed link.
Facebook announced on Monday it is launching Marketplace, its version of the local rummage sale. With its 1.71 billion users, it’s trying to capitalize on the e-commerce potential of its massive user base. According to company, more than 450 million people already visit Facebook groups that have items to buy and sell each month.
The new marketplace allows users to find things to buy from users nearby, list items quickly, and through Facebook messenger, users can communicate to negotiate deals and arrange a meet up.
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