Facebook shares tumble, company triples lobbying spending, expands bug bounty program and more on this week’s roundup

Facebook stock drops 11 percent – Facebook shares closed at $23.70 today, down significantly since the company’s second quarter earnings call on Thursday. The company met analysts’ expectations with $1.184 billion in revenue, but many investors are underwhelmed by the the social network’s ability to monetize its 955 million users, who are increasingly accessing the site from mobile devices.

Facebook triples spending on lobbying - Facebook spent $960,000 in lobbying from April to June of this year, up from $320,000 during the second quarter of 2011, according to The Hill. The company, which lobbies on issues related to privacy, online piracy and cybersecurity, among others, spent $650,000 in the first quarter of 2012. By comparison Google spent $3.9 million in the second quarter of this year, and more than $2 million during the same period in 2011.

Facebook expands bug bounty program – The company announced that it recently expanded its bug bounty program to better reward people who discover vulnerabilities that could compromise the integrity of Facebook user data, circumvent the privacy protections of Facebook user data or enable access to a system within Facebook’s infrastructure. The program had paid out $300,000 in bounty as of June. Ryan McGeehan, who manages Facebook’s security-incident response unit, told Bloomberg, “If there’s a million-dollar bug, we will pay it out,” said. Information about the program is available here.

Facebook adds engineering team to London office – Facebook announced that it is hiring engineers for its London office. The company has a number of offices around the world, but only Menlo Park, New York and Seattle have engineering teams. According to a note from the Facebook Engineering page, “Our team in London will start small, focusing on building a core of great engineers, and then grow over time and eventually focus on building products in key areas like mobile and platform.”

Marketing with Facebook Insights

Mediabistro Course

Marketing with Facebook Insights

Starting October 2, use Facebook’s analytics tool track and optimize your marketing efforts! Taught by the group marketing manager of social media at Microsoft/BingAds, Geoffrey Colon will show you how to measure key performance indicators and make your data actionable. Register now!

 

Leave a Reply

Get the latest news in your inbox
interested in advertising with inside facebook?

Social Media Jobs
of the Day

Senior Web Developer

Kaufmann Mercantile
Brooklyn, NY

Director of Web and Online Services

University of California at Irvine
Irvine, CA

Web Producer / Designer

Purch
New York, NY

Marketing Graphic / Web Designer

Collectrium
New York, NY

Web Production Designer (Contrator)

Marvel Entertainment
New York, NY

Featured Company

Join leading companies like this one and recruit from the nation's top media job seekers on the Mediabistro Job Board. Every job post comes with our satisfaction guarantee. Learn More
 

Our Sponsors

Mediabistro A division of Prometheus Global Media home | site map | advertising/sponsorships | careers | contact us | help courses | browse jobs | freelancers | content | member benefits | reprints & permissions terms of use | privacy policy Copyright © 2014 Mediabistro Inc. call (212) 389-2000 or email us