*By Alisha Haridasani*
Facebook said it will resume its process of reviewing third-party apps using new, tighter controls after the Cambridge Analytica scandal revealed holes in the social network's data privacy protocols.
“We’re going to be taking a higher level of expectation when we look at your applications,” said Ime Archibong, Facebook’s vice president of product partnerships, in his keynote speech Wednesday at Facebook’s annual developers' conference.
Facebook also announced that it will restrict the amount of data that apps have access to and enable users to see exactly what data is being used by third-party apps, or more easily delete apps they no longer use.
Facebook halted its review of all outside apps after it was revealed that users' data had been mishandled by a third-party app and shared with the research firm Cambridge Analytica.
The decision to suspend reviews ー and the changes ー frustrated some developers, who said their businesses was disrupted. But Archibong told Cheddar's Alex Heath in an interview Wednesday that most developers understand in “the long run that’s the right thing to do.”
“Facebook’s making these changes not because we’re trying to be hard or add more friction or be disruptive to the building process but truly to ensure that people trust the products that we’re building,” Archibong said.
For the full interview, [click here](https://cheddar.com/videos/behind-the-curtain-at-facebooks-f8-conference).
Image-sharing app Pinterest reported big beats on its Q4 earnings for the top and bottom lines. The social platform surprised investors after seeing a decline in users while earnings and revenue were much higher than expected.
Stocks closed at session lows Thursday, mostly due to a larger tech selloff after Facebook parent company Meta reported weak earnings results one day before. The Nasdaq closed down nearly 4% for its worst day since September 2020. Erin Gibbs, Chief Investment Officer at Main Street Asset Management, joins Closing Bell to discuss today's close, Meta earnings, Amazon earnings, and more
Spotify beat fourth quarter earnings expectations, and also reported a jump in monthly active users and in paid subscribers. The report comes as the company grapples with a new question: is it simply a streaming platform, or is it a media company responsible for the content it posts, like Joe Rogan's controversial podcast? Greg Martin, Co-Founder of Rainmaker Securities, joins Closing Bell to discuss why the stock took a hit even though earnings results were positive, how the company can move forward through the Rogan controversy, and more.
Chen Arad, Chief Operating Officer for Solidus Labs, joins Cheddar News' Closing Bell, where he explains why Wormhole was particularly vulnerable to a $320+ million crypto hack and discusses what new investors need to do in order to protect their assets.
E-commerce platform for construction and building materials RenoRun has raised $142 million in a Series B round, which the company says is the fourth largest Series B round in Canadian history. RenoRun’s platform offers same-day delivery of construction materials to job sites in Canada and the United States. The company aims to revolutionize the construction industry by maximizing productivity and efficiency. RenoRun co-founder and CEO Eamonn O’Rourke joins Cheddar News' Closing Bell to discuss.
Facebook parent company Meta reported weaker-than-expected fourth quarter earnings, and also issued disappointing guidance for Q1 2022. The tech giant is also under pressure due to Apple's iOS privacy change, as well as continued multi-billion dollar losses for its metaverse focused business unit. Angelo Zino, Tech Analyst at CFRA Research, joins Closing Bell to discuss the earnings results, how Apple's iOS privacy change will impact revenue, whether the metaverse is an underrated investment opportunity, and more.
