April 27, 2016

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Facebook profits up almost 200% to $1.51 billion –
Facebook has revealed stronger-than-expected results for its first quarter, helped by a growing number of users and higher advertising revenue. The social network reported earnings of $1.51 billion, or 52 cents per share, up from $512 million, or 18 cents per share, in the same period a year earlier, and over 1.65 billion users now use the social network, with the average users visiting for 15 minutes a day. The results are in stark contrast to Apple and Twitter, who posted poor results yesterday, with Apple shares falling 7% today. Separately, Facebook also announced that it will create a new class of non-voting stock, known as ‘Class C capital stock,’ designated to let CEO Mark Zuckerberg keep tight reins on the company even as it issues more shares to compensate employees and investors. [Daily Mail]
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