Everyone knows the tech industry is rich, but it can be challenging to get your head around just how much money it’s minting. Four of the industry’s giants — Facebook, Microsoft, Amazon and Google parent Alphabet — reported unexpectedly large profits this week. (Amazon’s profit more than doubled Thursday.) A fifth, Apple, releases earnings on Tuesday. These companies are the largest on Earth, at least in terms of their market value. The large profits come even
LONDON — Cambridge Analytica unleashed its counterattack against claims that it misused data from millions of Facebook accounts, saying Tuesday it is the victim of misunderstandings and inaccurate reporting that portrays the company as the evil villain in a James Bond movie. Clarence Mitchell, a high-profile publicist, held Cambridge Analytica’s first news conference since allegations surfaced that the Facebook data helped Donald Trump win the 2016 presidential election.
MENLO PARK, Calif. — Facebook has taken the lion’s share of scrutiny from Congress and the media about data-handling practices that allow savvy marketers and political agents to target specific audiences, but it’s far from alone. YouTube, Google and Twitter also have giant platforms awash in more videos, posts and pages than any set of human eyes could ever check. Their methods of serving ads against this sea of content may come under the microscope next. Advertising and
NEW YORK — An audit of Facebook’s privacy practices for the Federal Trade Commission found no problems even though the company knew at the time that a data-mining firm improperly obtained private data from millions of users — raising questions about the usefulness of such audits. Facebook agreed to outside audits every two years as part of a 2011 settlement with the FTC over its privacy practices. It is not clear from the report whether the company informed
SAN JOSE, Calif. — Facebook shareholders will convene May 31 in Menlo Park for their annual meeting, where they will vote on an array of proposals that aim to make the social media platform more accountable to themselves. Facebook on Friday filed with the Securities and Exchanges Commission a proxy statement the outlines the announcement of the annual shareholders meeting and what the agenda of the meeting will be. The proxy statement included six shareholder proposals up for
NEW YORK — Companies including banks and technology and health care firms fell Wednesday after U.S. stocks had surged the day before. Oil prices hit a three-year high after President Donald Trump tweeted that the U.S. will launch missiles at targets in Syria. Other than energy companies, stocks were slightly lower for most of the day. Banks slipped along with interest rates while health care and technology companies gave up some of the big gains they made on Tuesday. Trump said the U.S.
SAN JOSE, Calif. — For the sixth year in a row, employers have deluged the federal government with so many applications for H-1B visas that the cap was reached within five days. The U.S. work permit for foreign citizens with specialized knowledge and a bachelor’s degree or higher has been drawn into U.S. immigration politics, with tech companies and other supporters demanding more of them and critics charging that they are used to replace Americans with lower-paid foreign labor. U.
WASHINGTON — Facebook CEO Mark Zuckerberg has already apologized to users for not doing enough to protect their privacy. Now he plans to apologize to Congress, saying in prepared testimony that Facebook hasn’t done enough to prevent its tools from being used for harm. Zuckerberg’s written statement was released ahead of two days of congressional hearings in which he will not only try to restore public trust in his company but also stave off federal regulation that some