Categories Technology

Facebook’s image suffers some more bruising

Facebook Inc. (FB) had its share of controversies this year. From the much-talked-about Cambridge Analytica scandal to security breaches to rifts in management, the company has been in the news for a lot of wrong reasons. The emails recently released by the UK parliament does little to help its cause.

The documents are said to indicate that Facebook was more focused on its own growth than on the privacy of its users. Facebook has been accused of concealing its attempts to collect call and text logs from Android users without their consent by making it as tough as possible for the users to know what they were agreeing to while providing app permissions.

Facebook has adamantly refuted these allegations and maintains that it has never sold users’ data. The emails also revealed discussions between Facebook executives overcharging developers for user data access. Facebook said it decided not to pursue this option.

Facebook’s crisis continues to hurt its stock

The social media company has also been painted as ruthless towards its competition. Facebook is said to have blocked its rivals’ access to information on its platform and also acquired companies that it felt would end up becoming tough competition.

Facebook has come under the scanner for its approach towards protecting user data as well as how its platform was misused to influence political decisions. The company has claimed time and again that it has done no wrong but the damage seems to have been done.

Facebook’s shares have fallen over 21% so far this year and over the past one month, the stock has dropped 7%. As of 2:10 pm ET, the stock was down 1.25%.

Also Read:  TXN Earnings: Key numbers from Texas Instruments Q2 financial results


Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Yelp Q2 earnings: All key figures

Yelp (NYSE: YELP) reported second-quarter financial results after the regular trading hours on Thursday. The results were better than what the street had anticipated. YELP shares rose 4% immediately following the

Infographic: Uber (UBER) Q2 loss narrows; revenue beats

Uber Technologies (NYSE: UBER) reported its second-quarter 2020 financial results after the regular trading hours on Thursday. Revenues exceeded the estimates, while the bottom-line missed. Shares of the ride-hailing company

TMobile (TMUS) Q2 revenue up 61%; results beat Street view

TMobile US Inc.  (NASDAQ: TMUS) on Thursday announced financial results for the second quarter of 2020, reporting a 61% increase in revenues aided by strong customer growth. The results also