Facebook shares plummeted after the Cambridge Analytica scandal came to light, but the recent pullback has created a buying opportunity, said Mark Mahaney, Managing Director at RBC Capital. The internet analyst said this could be the stock's “most attractive price point” in years.
Investors have been concerned the backlash over the incident, which Facebook says may have impacted as many as 87 million users, could lead to government regulation and advertisers leaving the platform. While the company could see a decline in daily active users, Mahaney said any losses would be modest.
The company has a “PR issue, not a fundamental issue,” Mahaney told Cheddar Wednesday. That’s why the social media giant is his top pick in the internet space.
Facebook could get back on Wall Street's good side when it reports earnings next Wednesday, April 25th. If Facebook can demonstrate that it escaped the Cambridge Analytica scandal without a significant drop in user engagement, advertisers might decide to keep pumping money into the platform.
Mahaney said the #DeleteFacebook campaign was an interesting movement, but added that he thinks it will be extremely short-lived.
For full interview, [click here](https://cheddar.com/videos/top-facebook-analyst-bullish-ahead-of-q1-earnings).
Power Brands is recalling two of its air fryer models following reports of burns.
With only a few days until Christmas, people are still scrambling to buy gifts for friends and family. Claudia Lombana, consumer and shopping expert, joined Cheddar News to provide tips on how to budget for those gifts.
With the New Year around the corner, it's time to start thinking about resolutions. Many folks begin to think about saving money or cutting down on bills. Caleb Silver, editor-in-chief of Investopedia, joined Cheddar News to provide some tips on tracking debt and staying organized.
Half of U.S. states are raising their minimum wage next year.
Sony's PlayStation 5 console has now passed 50 million units sold.
FedEx decreased its full-year revenue forecast after reporting lower-than-expected quarterly profits in its latest results.
Cora is among dozens of young kids across the U.S. poisoned by lead linked to tainted pouches of the cinnamon-and-fruit puree
The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021.
Rite Aid has been banned from using facial recognition technology for five years over allegations that a surveillance system it used incorrectly identified potential shoplifters, especially Black, Latino, Asian or female shoppers.
The union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
