The hallmarks of top tech companies have long been Innovation and market expansion, ever since the internet boom changed the way we exist.
Recent developments in the tech arena have shed light on another factor that has become common among these firms. And, that is lawsuits over privacy infringement.
Facebook, the star among the FANG quartet, is the latest to come in the court’s firing line. A Belgian judge has ruled that the company would be fined 250,000 euros (about $312,000) a day for failing to delete information it allegedly gathered without consent.
It is not the first time the social media behemoth is facing legal action in Europe for poking its nose too much into the online activities of people, including non-Facebook users. Earlier, Twitter and Google had landed in similar troubles, after being accused of breaching privacy laws set by the European Union.
A Belgian judge has ruled that the company would be fined 250,000 euros (about $312,000) a day for failing to delete information it allegedly gathered without consent
The case pertaining to the latest ruling dates back to 2015 when the Belgian Commission for the Protection of Privacy accused Facebook of indulging in online tracking without permission. Though Facebook succeeded in turning an earlier order in its favor, the court reversed it after finding merit in the Commission’s claim.
Meanwhile, Facebook said it would appeal against the court order, arguing that its tracking codes are standard technologies that help commercial enterprises reach out to customers.
Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew
Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter
Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings