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).
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
