Facebook (FB) - Get Reportinvestors kept liking the company and kept driving the stock upward after the market closed on Wednesday thanks to the company handily beating fourth-quarter earnings and revenue expectations. Shares, which had closed Wednesday trading lower, zoomed over 12% to $106.
Facebook drove over analysts' expectations of 68 cents per share and revenue of $5.36 billion, reporting 79 cents per share on $5.84 billion in revenue for the quarter. Substantial growth within the social network's mobile advertising unit, which accounts for about 80% of all advertising revenue, was responsible. Analysts had expected $4.09 billion in those sales, which came in at $4.51 billion. For more information, read the full story here.
shares, meanwhile, were getting no bids from anyone. Shares slid over 12% in late trading as disappointed investors gave a thumbs down to earnings that came in at 50 cents a share compared to 55 cents a year ago. Shares had closed regular trading Wednesday down 1% at $26.42.
Giving birth can be a long and laborious process, Netflix (NFLX) - Get Report is learning. The stock started a downward slide and closed down nearly 7% at $91 on news Telkom, PT Telekomunikasi Indonesia Tbk., the top telecommunications provider in Indonesia, is blocking the U.S. video-streaming company's plans to expand.
In early January, AdAge reported that Netflix CEO Reed Hastings told a full audience at the Consumer Electronics Show about they were "witnessing the birth of a global TV network" with the company's expansion into 130 countries, including Indonesia. Telkom, which operates Indonesia's largest cellular network, claims that U.S. company doesn't have a permit to operate as a content provider. Telkom also doesn't like some of the material available on Netflix, calling it "violent" and "adult," and echoing criticisms from the Indonesian Censor Board and traditional cable television operators.
"Netflix's content should adjust to regulations in Indonesia," said Arif Prabowo, vice president for corporate communications at Telkom, in a statement reported in the Marketwatch. "We take this step to protect the Indonesian people." Telkom, which owns the Internet-service providers IndiHome and Wi-Fi.id, dominates half the market in Indonesia, as well as UseeTV, a local video-on-demand service.
Alphabet's (GOOGL) - Get Report Google unit said Wednesday it is partnering with Movidius, its parent Alphabet Inc.'s semiconductor startup, to collaborate on bringing image-recognition capabilities to smartphones. "With built-in recognition," the Wall Street Journal explained, "smartphones could identify objects in real time for a variety of applications, like identifying people to authorize transactions, aiding blind people and translating signs. Google didn't comment on the timetable for bringing the technology to market.
Alphabet shares closed at $717.58, down 2.2%.