Facebook Inc on Tuesday relieved investors by forecasting that margins would stop shrinking after 2019 as costs from scandals ease up, sending shares up despite a second-straight quarter with record-low user growth.
The funding will help the London-based start-up hire at least 50 more people this year and open offices in Hong Kong and New York. It comes after four years of strong growth, with sales doubling every year.
Facebook shares plummeted on Wednesday after executives said that profit margins would plummet for several years due to the costs of improving privacy safeguards and slowing usage in the biggest advertising markets.
Facebook is unlikely to compensate the 2.7 million European users whose data was improperly shared with political consultancy Cambridge Analytica because sensitive bank account data had not been shared.
Facebook Inc’s Messenger app launched an augmented reality feature on Tuesday to allow people to see products they are shopping for as if they already have them, in a move aimed at drawing in potential advertisers.
Japanese flea market app operator Mercari Inc targets rapid expansion in the United States, its founder and chief executive told Reuters on Monday, after a recent funding round boosted its value beyond $2 billion.