News Roundup: Facebook takes a major financial hit

News Roundup: Facebook takes a major financial hit

A roundup of the week’s technology news including problems for Facebook and Amazon, the gig economy and Japan’s Y2K problem.


Woe is Facebook

It’s been another bad week at Facebook HQ. The data mining scandal isn’t showing signs of going away anytime soon and now their stock price has fallen by 20% after CFO David Wehner said revenue growth would “continue to decelerate in the second half of 2018” while the company works hard to improve their image. The $123.4 billion loss represents the biggest daily drop off all time and appears to be a direct response to the stalling of Facebook’s growth, especially in Europe where the market is already oversaturated.

Facebook is clearly keen to rebuild their reputation with the public and has taken a number of major steps this week to undo some of the damage. Last weekend, it announced the suspension of US-based analytics firm, Crimson Hexagon, while it carries out an investigation into how the company collects and shares user data. Furthermore, after a barrage of online criticism over its hypocritical reluctance to remove the conspiracy theory pedaling InfoWars page, it’s just announced the 30 day suspension of presenter Alex Jones’ account after it removed four videos for violating community standards. YouTube has taken similar action against the purveyor of Fake News.

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Charlotte Trueman

Charlotte is Staff Writer at IDG Connect. She is particularly interested in the impact technology will have on the future of work and promoting gender diversity throughout the tech industry.

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