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Facebook : Zuckerberg faces EU Parliament grilling

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05/23/2018 | 05:45am CEST

Facebook’s Zuckerberg faces EU Parliament grilling

Grilling

Brussels, May 22, 2018 (Reuters/NAN) Facebook Chief Executive Mark Zuckerberg will meet with leaders of the European Parliament on Tuesday.

He meets them to answer questions about how the data of millions of Facebook users ended up in the hands of a political consultancy.

The meeting comes three days before tough new European Union rules on data protection take effect.

Companies will be subject to fines of up to four per cent of global turnover for breaching them.

Facebook has come under scrutiny from politicians on both sides of the Atlantic.

The scrutiny arose after it emerged that Cambridge Analytica improperly acquired the data of 87 million users, including up to 2.7 million in the EU.

Analytica is a British political consultancy that worked on U.S. President Donald Trump’s campaign.

Zuckerberg has apologized for the leak in testimony to the U.S. Congress, but questions remain over how the company’s data policies let the leak happen.

Zuckerberg will stress Facebook’s commitment to Europe, where it will employ 10,000 people by the end of the year, according to pre-released remarks.

“I believe deeply in what we’re doing. And when we address these challenges, I know we’ll look back and view helping people connect and giving more people voice as a positive force in Europe and around the world,” Zuckerberg is expected to say.

He will also apologise for failing “to take a broad enough view” of the company’s responsibilities, “whether it’s fake news, foreign interference in elections or developers misusing people’s information.”

Zuckerberg will meet with the President of the European Parliament, Antonio Tajani, the leaders of the parliament’s political groups and the chair of the civil liberties committee, Claude Moraes.

The meeting will be livestreamed after an outcry over plans to hold it in private.

Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data.

Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down. (Reuters/NAN)

UDO/WOJ

Edited by Udochukwu ifionu/Wale Ojetimi

(c) 2018 News Agency of Nigeria Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2018 56 614 M
EBIT 2018 26 036 M
Net income 2018 22 485 M
Finance 2018 46 909 M
Yield 2018 -
P/E ratio 2018 24,11
P/E ratio 2019 20,13
EV / Sales 2018 8,57x
EV / Sales 2019 6,47x
Capitalization 532 B
Chart FACEBOOK
Duration : Period :
Facebook Technical Analysis Chart | FB | US30303M1027 | 4-Traders
Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 218 $
Spread / Average Target 19%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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