Facebook Inc. (NASDAQ: FB) Facing Regulatory Probe On Leaked Documents, Metaverse Development on Track

Google Under Scrutiny

Facebook Inc. (NASDAQ: FB)  is expected to release its Q3 2021 earnings on October 25, 2021, and the controversial social media company is calling for slowing revenue growth in the coming quarters.

The company expects YoY total revenue growth in Q3 and Q4 to decelerate sequentially. Facebook expects increased advertisement targeting headwinds in 2021 from the platform and regulatory changes that will impact Q3 earnings. Despite the current supply chain disruptions that have affected retailers’ plans, Facebook anticipates record-level ad revenue during the holiday season.

Whistleblower says Facebook cares more about profits than its user 

To complicate matters, the SEC is probing complaints from a whistleblower, Frances Haugen, that alleged the company’s research about the platform doesn’t line up with public statements from its executives, including CEO Mark Zuckerberg.

Famous tech entrepreneur Alexis Ohanian told yahoo finance that the current predicament the company finds itself in is uncharted territory because of reasons of its own making.  Haugen told legislators that Facebook cares more about profits at the expense of the mental wellbeing of users, and this sparked a firestorm leading to global outages of Facebook services.

30 journalists working in Facebook’s leaked documents 

The company is now going offensive ahead of what it expects to be a series of articles based on leaked documents.  Facebook’s communications VP John Pinette took to the company’s Twitter account to claim that more than 30 journalists are coordinating a series of articles based on pages of leaked documents.  Pinette said that outlets agreed to conditions and schedules given by the PR company that worked on the leaked documents.

Facebook is hiring around 10,000 experts in Europe to work on “metaverse” which will combine VR and AR technologies to create a new online experience. The social media company said that the recruitment would take place in the next five years, and it is a vote of confidence in the EU tech sector and its employees.

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Published by Flavia Carruth

Hi, I am Flavia and have done my MBA with finance as specialization and a Bachelor in Economics with 4 years of experience as Financial Analyst in leading Software Firm. I have passion for article writing, report making and stock market Analysis.

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