UDPATE, with Facebook response Chris Hughes, a co-founder of Facebook, says the company has become a monopoly that should be broken up. In an opinion piece published today by The New York Times, Hughes, who liquidated his Facebook shares in 2012 and writes that he doesn’t “invest directly in any social media…

Facebook reported strong first-quarter results, with solid growth in users and revenue, though the company said it has incurred a loss of between $3 billion-$5 billion from a federal probe into its data use practices. Total revenue rose 26% to $15.077 billion, ahead of Wall Street analysts’ consensus forecast…

Netflix CEO Reed Hastings has departed from Facebook’s board of directors, the social media company said Friday. Along with Erskine Bowles, the former White House chief of staff and University of North Carolina president, Hastings had served on the board since 2011. Bowles is also exiting. In an announcement of the…

UPDATE, with video Facebook founder and CEO Mark Zuckerberg told Good Morning America co-host George Stephanopoulos that he’s open to having Facebook regulated but there are limits to what the company can do to limit harmful political posts on its networks. “It’s not clear to me that we want a private company making…

Facebook’s time of transition, a seemingly unending phase since last year’s Cambridge Analytica scandal segued to a host of other corporate issues, is continuing with the exits of product chief Chris Cox and WhatsApp head Chris Daniels. Will Cathcart will take the place of Daniels at WhatsApp. Fidji Simo will be the…

A New York grand jury has subpoenaed records from at least two smartphone manufacturers as part of a criminal investigation into Facebook’s data deals with large technology companies. The story, first reported by the <a…

Facebook reported fourth-quarter results that exceeded estimates by Wall Street analysts for revenue, profit and active user levels. The news boosted the company’s stock. After a regular session during which it rose more than 4% to $150.42, it added another 6% in after-hours trading. Revenue for the quarter ending in…

As a follow-up to its promises last fall to keep working to become more transparent and improve policing of its platform, Facebook today released a draft charter to establish an oversight board. The move, revealed in a blog post by Nick Clegg, VP Global Affairs and Communications, follows a brutal 2018 for the social…

From privacy scandals to issues with data protection to government probes, it hasn’t been that great of a year for Facebook. Even so, Facebook’s hoodie-clad fearless leader Mark Zuckerberg decided to stay on the brighter side of things in his end of year Facebook message, saying that he is “proud of the progress we’ve…

Facebook’s “rigid and insular management style could lead to a long road to recovery” for the beleaguered social network, according to a new research note by Scott Devitt, an analyst at Stifel Financial. Devitt lowered his 12-month price target on the company’s stock to $150 from $186, but reiterated a “buy” rating on…

UPDATED with Facebook making memo public: Facebook has found its fall guy. The company’s outgoing head of public policy, Elliot Schrage, took the blame for the controversial decision to hire the Washington, D.C., opposition research firm that pushed negative narratives about competitors and sought to portray…

Despite calls from Facebook investors for an independent board chairman to provide better oversight of the embattled company, Mark Zuckerberg has no plans to surrender that position. The company co-founder and controlling shareholder told CNN directly: “That’s not the plan.” Zuckerberg also offered support for the…