NEW YORK (TheStreet) --Facebook (FB) announced on Wednesday that it discovered additional inaccurate metrics related to its advertisements. The announcement comes nearly a month after the social media giant announced initial errors regarding advertisements on its platform.
Facebook announced errors in video measurements, over-reported the average time a user spent looking at an article and miscalculated App referrals.
"I'm going to defend Facebook here a little bit," author and The Aspen Institute CEO Walter Isaacson said on CNBC's "Squawk Alley" today. "This does not look like an intentional mistake."
He applauds the company for coming forward immediately and taking ownership of the miscalculations in advertising numbers.
"I think that they're trying to get it right, we are in a new age here, and they are being open and honest," Isaacson stated.
Moreover, Isaacson doesn't see this as a "body blow" to Facebook and reiterated the importance of them being open and honest.
"I think one of the metrics we have to use is to say; did they actually try to get this right and made a mistake or were they intentionally overstating things? I think it was the former, not intentional deceit," Isaacson contended.
Shares of Facebook were inching lower in midday trading on Wednesday.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings team rates Facebook as a Buy with a ratings score of A-. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that the team rates.
You can view the full analysis from the report here: FB