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]
Mark_ZuckerbergMark Zuckerberg

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May 4, 2016

Top News Stories –

Instagram hacked by 10-year-old boy –
A 10-year-old Finnish boy named Jani has been given $10,000 (£7,000) after he found a security flaw in image-sharing social network Instagram. The boy, who technically is not allowed to even join the site for another three years, discovered a bug that allowed him to delete comments made by other users. The issue was “quickly” fixed after being discovered, said Facebook, which owns Instagram. Jani was paid soon after – making him the youngest ever recipient of the firm’s “bug bounty” prize. After discovering the flaw in February, he emailed Facebook. Security engineers at the company set up a test account for Jani to prove his theory – which he did. The boy, from Helsinki, told Finnish newspaper Iltalehti he planned to use the money to buy a new bike, football equipment and computers for his brothers. Facebook told the BBC it had paid $4.3m to bug bounty recipients since 2011. [BBC]

Apple loses trademark fight over ‘iPhone’ name in China –
Apple has lost a trademark fight in China, meaning a firm which sells handbags and other leather goods can continue to use the name “IPHONE”. The Beijing Municipal High People’s Court ruled in favour of Xintong Tiandi Technology, said the official Legal Daily newspaper. Xintong Tiandi trademarked “IPHONE” for leather products in China in 2010. Apple filed a trademark bid for the name for electronic goods in 2002, but it was not approved until 2013. [BBC]

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