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Facebook Beats Wall Street Profit Estimates, Shares Shoots up After 2018 Q4 Results

31Jan By reutersNo Comments

News

Facebook Beats Wall Street Profit Estimates, Shares Shoots up After 2018 Q4 Results

Facebook Inc easily beat Wall Street’s profit estimates, soothing investor concerns that increased spending on the privacy of its users would blunt growth. The world’s largest online social media network has pledged to invest heavily in the privacy and security of its users after scandals over improperly shared data and propaganda hurt its image and made it the target of political scrutiny across the globe. Facebook shares rose nearly 12 percent to $168.20 after the bell. They closed up 4.3 percent in regular trading. Net income rose to $6.88 billion, or $2.38 per share, in the fourth quarter, up from $4.27 billion, or $1.44 per share, a year earlier. Analysts on average had expected earnings of $2.19 per share, according to IBES data from Refinitiv. Total fourth-quarter revenu...

Zuckerberg to integrate WhatsApp, Instagram and Facebook Messenger

27Jan By PriyankaNo Comments

News

Zuckerberg to integrate WhatsApp, Instagram and Facebook Messenger

As per the report, Facebook Inc Chief Executive Mark Zuckerberg is planning to unify the underlying messaging infrastructure of the WhatsApp, Instagram and Facebook Messenger services and incorporate end-to-end encryption into these apps. The three services will, however, continue as stand-alone apps, the report said, citing four people involved in the effort. Facebook said it is working on adding end-to-end encryption, which protects messages from being viewed by anyone except the participants in a conversation, to more of its messaging products, and considering ways to make it easier for users to connect across networks. "There is a lot of discussion and debate as we begin the long process of figuring out all the details of how this will work," a spokesperson said. After the ...

Facebook Accelerates Outsourcing to Indian IT Firms to Manage Fraud

31Dec By Gauri SinghNo Comments

Tech

Facebook Accelerates Outsourcing to Indian IT Firms to Manage Fraud

The social networking giant Facebook has accelerated its reach to Indian IT services firms including HCL Technologies, Wipro and Tech Mahindra for the purpose of content moderation, anti-money laundering and data analytics as it faces increased global pressure and scrutiny to curb rumours as well as fraud on the platform. The social network has increased the engagement in the “the last few months” with the Indian companies. One of the executives of a tech firm said the combined contracts of Indian companies with Facebook is valued at over $400 million and would only increase as the social network seeks human help in resolving issues that it had earlier thought would be helped by technology. After the scandals broke out, Facebook founder Mark Zuckerberg had pr...

26Dec By Gauri SinghNo Comments

INDIA

Facebook Hikes Legal and Advertising Expenses in India

The social networking giant Facebook has doubled its annual spending on legal and advertising expenses and investment in India, underlying the complexity of challenges it faces from regulators to deal with the enormous amounts of incendiary messages exchanged on its platform. The Menlo Park-based company is going through one of its toughest years after its image took a drubbing for privacy breaches and data misuse. In India, the government and regulators are watching how the social-media giant is dealing with privacy concerns, especially when the country goes to the polls next year. For 2017-18, Facebook India’s advertising and promotional spends went up by as much as 122% to Rs 94 crore, while its legal department saw costs shooting up by around 85% to Rs 78 crore. ...

Facebook India’s Net Profit Surges 40% in FY 2017-18

25Dec By Gauri SinghNo Comments

BUSINESS

Facebook India’s Net Profit Surges 40% in FY 2017-18

Facebook India’s profit jumped about 40% to Rs 57 crore in the year ended March 2018, reflecting the increasing adoption of social media in a country where data costs have reduced drastically. The company’s total revenue in India surged 53%. The social media major in a financial statement said that the services it provided to the US parent company helped drive growth. Revenues also represent the money Facebook earned from WhatsApp, the messaging application. The company’s total revenues stood at Rs 521 crore for FY18, compared with Rs 407 crore in the corresponding period a year before. The financial statement said the company faces several tax issues in India. The company has pending disputes related to income tax, VAT, sales tax, customs and excise and s...

Facebook Brings Monetisation Tool for Indian Content Creators

1Dec By Gauri SinghNo Comments

BUSINESS

Facebook Brings Monetisation Tool for Indian Content Creators

With an aim to popularise original videos on its platform and give a fight to YouTube, Facebook has announced that it is introducing multiple monetization tools for the Indian content creators. This was announced during its first Indian “Creator Day” event. Facebook has opened ad breaks to all qualifying video creators to help them earn money. The new feature will allow the creators in India to join ad breaks to get a 55% share of the revenue from the video ads shown to the viewer. These ad breaks will available for eligible partners in Hindi, Bengali, Tamil, Malayalam and English. But, the creators will have to follow certain guidelines in order to be able to allow ads. Starting with the first one, ad breaks can only be included in long-form videos with length of three minutes an...

Senior Executive Anand Chandrasekaran Quits Facebook

1Nov By Gauri SinghNo Comments

News

Senior Executive Anand Chandrasekaran Quits Facebook

Facebook’s director of platforms and product partnerships Anand Chandrasekaran based in its Menlo Park headquarters has resigned from the company. He started his job at Facebook in 2016 and after two years of his work, he quit. His departure ends a two-year stint which began in September 2016, where he had joined to work on Facebook’s popular Messenger product. Along with this, Chandrasekaran is also an active angel investor in the Indian startup ecosystem. According to the sources, while the 40-year-old had initially joined Facebook to work on the tech giant’s Messenger platform, “he began overseeing the company’s India business, acting as a bridge between the two markets.” Facebook believes India to be its largest market, with over 250 million active users. It has also been said...

Facebook Rolls Out Digital Literacy Library for the Young India

30Oct By Gauri SinghNo Comments

Tech

Facebook Rolls Out Digital Literacy Library for the Young India

For a long time now, Facebook has been making efforts to cope up for the mistakes that the company made in the recent past and as part of its efforts to train 3,00,000 people in India on digital literacy, it has launched Digital Literacy Library. This is a collection of lessons in six local languages - Hindi, Bengali, Tamil, Telugu, Kannada and Malayalam. This announcement was made at Facebook's South Asia Safety Summit. The Ministry of Women and Child Development together with Facebook summoned a group of leaders in safety and technology and was joined by around 70 organizations from over five countries that include India, Sri Lanka, Nepal, Bangladesh, and Afghanistan. “The launch of the Digital Literacy Library, the child safety hackathon and several offlin...

Facebook is Building a Video Music App Lasso to take on Tik Tok

25Oct By Gauri SinghNo Comments

Tech

Facebook is Building a Video Music App Lasso to take on Tik Tok

The most popular social media platform Facebook is working on a new video app that it hopes could win back the attention of teens. The company is basically building a standalone product where users can record and share videos of themselves lip-syncing or dancing to popular songs, similar to that of the video making app called Tik Tok, previously known as Musically. The app is designed to be a standalone competitor to Musically, which was a hit with teens and even with the pre-teens. The new app is being built by members of Facebook’s video and Watch team under leadership from Facebook’s principal lead product designer Brady Voss. The social media giant has been investigating the teen music app space since 2016. Then earlier this year, Facebook’s music efforts were reinvigorated when ...

Facebook Redesigns and Simplifies its Messenger App

24Oct By Gauri SinghNo Comments

Tech

Facebook Redesigns and Simplifies its Messenger App

Social media giant Facebook has repaired its messaging app called Messenger in an effort to simplify the service. The company claims to have 1.3 billion monthly global users. The Messenger began rolling out a redesigned version featuring three tabs instead of nine. The platform stated that it was "going back to its roots" seven years after the standalone app's launch. "We build one feature after another; they're piling up," Messenger chief Stan Chudnovsky said. The app has grown from a simple messaging app to one that lets users make video calls, send money and more. The updated and fresh tabs enable users to navigate between their conversations under "Chats," stories and contacts at "People," and "Discovery," which is devoted to games and exchanges with businesses. Messenger is pa...

Facebook to Have its Largest India Office in Bengaluru

22Oct By Gauri SinghNo Comments

Tech

Facebook to Have its Largest India Office in Bengaluru

The social media giant Facebook is eyeing to take up about 220,000 sq ft office space in Bengaluru which would be their largest office in India. The company has acquired the space in Embassy Golf Links, an office park that houses marquee clients such as IBM, Microsoft, Goldman Sachs and reinsurer Swiss Re among others. With this, The city’s booming commercial market will now house all the Big Five tech firms that include Facebook, Amazon, Apple, Microsoft and Google. The company is expected to move into the new facility next year which would supposedly have a headcount of 2,200. The exact nature of operations is not clear immediately, however, the rent stands at Rs 130 per sq ft, or Rs 34 crore a year. The Menlo Park-based company opened its first India office in Hyderabad, in 201...

Facebook Appoints Former UK Deputy PM as Head of Global Affairs

20Oct By Gauri SinghNo Comments

News

Facebook Appoints Former UK Deputy PM as Head of Global Affairs

The popular social media platform Facebook has reportedly appointed former British Deputy Prime Minister Nick Clegg for the purpose of leading its global affairs and communications team. This has basically been done as the social network has been dealing with a number of scandals related to privacy, fake news and election meddling. This appointment makes Clegg the most senior European politician ever in a leadership role in Silicon Valley. "Our company is on a critical journey. The challenges we face are serious and clear and now more than ever we need new perspectives to help us though this time of change," Chief Operating Officer Sheryl Sandberg stated. Clegg who is 51 has succeeded Elliot Schrage and will report to Sandberg. He will move to California with his family in the new yea...