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Facebook’s grim forecast: privacy push will weaken profits for years

Facebook Inc’s shares lost as much as a quarter of their value on Wednesday after executives said that profit margins would plummet for several years due to the costs of improving privacy safeguards and slowing usage in the biggest advertising markets. The second-quarter results were the first sign that a new European privacy law and a succession of privacy scandals involving Cambridge Analytica and other app developers have bit into Facebook’s business. The company further warned that the toll would not be offset by…

Instagram’s user base crosses 600 million

Instagram's user base rose to more than 600 million, the Facebook owned company said on Thursday, as new features helped it gain popularity. The photo-sharing app added 100 million users since June, when it last announced its 500 million user milestone, the company said in a blog post. Since then, the company launched Instagram Stories, its picture and video slideshow feature, identical to the signature function of rival Snapchat. ALSO READ: You can now turn off and like comments on Instagram Instagram in…