Facebook’s latest troubles sent shares down nearly 7 percent Monday, making it the worst performing stock in the Cheddar 50. But long-time tech analyst Gene Munster, Managing Partner of VC firm Loup Ventures, saw it as a “gross overreaction.”
This scandal is a blip in the bigger pictures, Munster told Cheddar.
As of 2017, the social media giant has over two billion active users a month and advertisers continue to get a high return on the platform, explained Munster.
“These issues around controls and compliance is [are] something that every big company gets hit with,” he said, citing similar problems for Snapchat and Baidu.
“This is something that we believe Facebook will solve.”
The social media giant came under fire from investors after news a data firm, Cambridge Analytica, got access to information from some 50 million users without their permission. That data was reportedly used to help President Donald Trump’s campaign during the 2016 election.
Facebook’s drop Monday brought down much of the tech sector. The Nasdaq fell more than 1.8 percent, while the Dow Industrials was down more than 330 points.
Google Flight added a new feature that tracks flight prices.
Businesses posted far fewer open jobs in July and the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation.
American Airlines said it was fined $4.1 million for keeping passengers on planes during long on-ground delays.
3M said it will pay $6 billion to settle lawsuits claiming that it sold defective earplugs to the U.S. military.
Meta said it disrupted a campaign of disinformation linked to Chinese law enforcement.
Buying your first home can be challenging with rising interest rates and other costs. Cheddar News spoke with Amira Elgoneimy, a premiere agent with Redfin who caters to the New Brunswick, NJ area, and Daryl Fairweather, chief economist with Redfin, about the process involved in purchasing a residence in a competitive market.
Experts from Redfin real estate brokerage explain the challenges buyers are experiencing as they try to buy their first homes.
The Biden administration is targeting the blood thinner Eliquis, diabetes treatment Jardiance and eight other medications for Medicare's first-ever drug price negotiations as it seeks to lower medical costs for Americans.
Disney's visual effects workers filed to unionize, according to Variety.
Bath & Body Works is looking to hire thousands of workers for the holiday season.
