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Facebook Inc’s Russia woes seem to be never ending. Per a BuzzFeed report, Facebook said that Russia may have tried to meddle (though the extent is not known to be significant) with the Brexit vote, too.
This marks a U-turn from the company’s earlier stance of “no-evidence” of any Kremlin interference. BuzzFeed quoted a Facebook spokesperson saying, “To date, we have not observed that the known, coordinated clusters in Russia engaged in significant coordination of ad buys or political misinformation targeting the Brexit vote.”
Earlier, in September, Facebook revealed that it identified Russian accounts spending nearly $100,000 in ads (over 3K), aimed at influencing the U.S. election (from June 2015 to May 2017). This caused a massive uproar. It initially claimed that the ads were seen by nearly 10 million users but eventually raised the number to 126 million.
In the United States, Facebook recently testified to the Congress regarding the alleged misuse of its platform by Russian factors.
Since the elections, Facebook, Twitter and Alphabet (GOOGL - Free Report) have been under fire for dissemination of fake news that allegedly influenced elections. Twitter also revealed that it had found over 200 accounts related to Russian factors/bot network.
These companies are battling extensive PR damage. Moreover, pressure from governments of various countries including France, Germany and Britain to curb the spread of fake ads/news and extremist activities on the platforms is mounting.
Recently, British Prime Minister Theresa May made a strong speech at the lord mayor’s banquet, sending a crisp message to Vladimir Putin.
She was quoted saying, “It (Russia) is seeking to weaponise information. Deploying its state-run media organisations to plant fake stories and photo-shopped images in an attempt to sow discord in the west and undermine our institutions. So I have a very simple message for Russia: We know what you are doing and you will not succeed, because you underestimate the resilience of our democracies, the enduring attraction of free and open societies, and the commitment of Western nations to the alliances that bind us."
Following the U.S Congressional probe, the head of the House of Commons' digital media and culture committee, Damian Collins was quoted by BuzzFeed saying, “As Facebook has provided this information to the United States Congress, in relation to the 2016 presidential election, I see no reason why such information cannot be provided to the select committee."
Zacks Rank and Share Price Movement
Facebook carries a Zacks Rank #3 (Hold). Notably, the company has outperformed the industry in the past year. Shares of Facebook have surged 53.1% compared with the industry’s 23.7% increase.
The long-term earnings growth rate for NVIDIA is projected to be 11.2%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Facebook Hints at Russia Interference in Brexit
Facebook Inc’s Russia woes seem to be never ending. Per a BuzzFeed report, Facebook said that Russia may have tried to meddle (though the extent is not known to be significant) with the Brexit vote, too.
This marks a U-turn from the company’s earlier stance of “no-evidence” of any Kremlin interference. BuzzFeed quoted a Facebook spokesperson saying, “To date, we have not observed that the known, coordinated clusters in Russia engaged in significant coordination of ad buys or political misinformation targeting the Brexit vote.”
Earlier, in September, Facebook revealed that it identified Russian accounts spending nearly $100,000 in ads (over 3K), aimed at influencing the U.S. election (from June 2015 to May 2017). This caused a massive uproar. It initially claimed that the ads were seen by nearly 10 million users but eventually raised the number to 126 million.
Facebook, Inc. Price
Facebook, Inc. Price | Facebook, Inc. Quote
In the United States, Facebook recently testified to the Congress regarding the alleged misuse of its platform by Russian factors.
Since the elections, Facebook, Twitter and Alphabet (GOOGL - Free Report) have been under fire for dissemination of fake news that allegedly influenced elections. Twitter also revealed that it had found over 200 accounts related to Russian factors/bot network.
These companies are battling extensive PR damage. Moreover, pressure from governments of various countries including France, Germany and Britain to curb the spread of fake ads/news and extremist activities on the platforms is mounting.
Recently, British Prime Minister Theresa May made a strong speech at the lord mayor’s banquet, sending a crisp message to Vladimir Putin.
She was quoted saying, “It (Russia) is seeking to weaponise information. Deploying its state-run media organisations to plant fake stories and photo-shopped images in an attempt to sow discord in the west and undermine our institutions. So I have a very simple message for Russia: We know what you are doing and you will not succeed, because you underestimate the resilience of our democracies, the enduring attraction of free and open societies, and the commitment of Western nations to the alliances that bind us."
Following the U.S Congressional probe, the head of the House of Commons' digital media and culture committee, Damian Collins was quoted by BuzzFeed saying, “As Facebook has provided this information to the United States Congress, in relation to the 2016 presidential election, I see no reason why such information cannot be provided to the select committee."
Zacks Rank and Share Price Movement
Facebook carries a Zacks Rank #3 (Hold). Notably, the company has outperformed the industry in the past year. Shares of Facebook have surged 53.1% compared with the industry’s 23.7% increase.
Stock to Consider
A top-ranked stock in the broader technology worth consideration is NVIDIA Corp. (NVDA - Free Report) which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rate for NVIDIA is projected to be 11.2%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>