The company blamed its Q2 content slate and price increases for the subscriber miss.Technologyread more
Corporate earnings forecasts for the second quarter were lowered so much that companies are easily beating them.Market Insiderread more
The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
IBM's year-over-year revenue has now declined for four quarters in a row. Impact from Red Hat is not yet factored into the company's guidance.Technologyread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
Netflix can sustain its lofty valuation only if global subscriber growth can support increasing content spending and debt. And growth is entirely dependent on Netflix's...Technologyread more
Prosecutors in Masschusetts have dropped a criminal case against actor Kevin Spacey, who had been accused of groping an 18-year-old man.Entertainmentread more
House Speaker Nancy Pelosi says she wants her chamber to vote on a debt ceiling and budget deal by July 26.Politicsread more
Philips has acquired a start-up that texts you about your poop. That's Medumo, a Boston-based company, which works with hospitals to guide their patients through common...Technologyread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
Pew surveyed more than 3,400 U.S. Facebook users in May and June, and found that a whopping 44 percent of those ages 18 to 29 say they've deleted the app from their phone in the last year. Some of them may have reinstalled it later.
Overall, 26 percent of survey respondents say they deleted the app, while 42 percent have "taken a break" for several weeks or more, and 54 percent have adjusted their privacy settings.
The results don't necessarily spell dire news for the company as a whole. The survey measures only the core Facebook app, not Facebook-owned Instagram, WhatsApp and Messenger, all of which remain popular and offer a lot of room for revenue growth. In addition, it does not measure Facebook users outside the U.S., where growth has continued as North American usage has stalled.
Even so, the results suggest that a lot of Facebook users are paying attention to the company's troubles and using the service less in response.
Facebook has spent the last year or so grappling with a number of scandals related to abuse of the platform, including an FBI report showing that Russian operatives used it to spread false news to try to influence the 2016 presidential election and the improper use of personal data by political research firm Cambridge Analytica.
On Wednesday, Facebook COO Sheryl Sandberg testified before the Senate Intelligence Committee about Facebook's efforts to fight interference. However, former Facebook security chief Alex Stamos recently warned that the U.S. is no better equipped to fight foreign interference in the 2018 midterm elections than it was in 2016. Stamos is one of seven senior executives who have left or announced plans to leave Facebook this year.
The scandals are affecting Facebook's financial situation as well. The company's stock plunged more than 20 percent on a single day in July after Facebook warned on its earnings call of slowing ad growth and higher expenses related to fighting misinformation. Shares are off 1.4 percent in midday trading on Wednesday amid a broader decline in tech stocks.
Facebook didn't immediately respond to a request for comment.
WATCH: Facebook's Sandberg: Working on educating our users