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.

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Apple posts stronger-than-expected Q2 results
Apple CEO Tim Cook said Thursday that the majority of iPhones sold in the U.S. in the current fiscal quarter will be sourced from India, while iPads and other devices will come from Vietnam as the company works to avoid the impact of President Trump’s tariffs on its business. Apple’s earnings for the first three months of the year topped Wall Street’s expectations thanks to high demand for its iPhones, and the company said tariffs had a limited effect on the fiscal second quarter’s results. Cook added that for the current quarter, assuming things don’t change, Apple expects to see $900 million added to its costs as a result of the tariffs.
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