Agriculture ministers from the G-20 countries criticized protectionism in a joint statement Saturday and vowed to reform World Trade Organization (WTO)

rules, but did not detail what steps they would take to improve the food trade system.

In the statement, they said they were “concerned about the increasing use of protectionist nontariff trade measures, inconsistently with WTO rules.”

The ministers from countries including the United States and China, in Buenos Aires for the G-20 meeting of agriculture ministers, said in the statement they had affirmed their commitment not to adopt “unnecessary obstacles” to trade, and affirmed their rights and obligations under WTO agreements.

The meeting came amid rising trade tensions that have rocked agricultural markets. China and other top U.S. trade partners have placed retaliatory tariffs on American farmers after the Trump administration put duties on Chinese goods as well as steel and aluminum from the European Union, Canada and Mexico.

U.S. growers are expected to take an estimated $11 billion hit due to China’s retaliatory tariffs. Last week, the Trump administration said it would pay up to $12 billion to help farmers weather the trade war.

U.S. Agriculture Secretary Sonny Perdue told Reuters in an interview on the sidelines of the meeting that Trump’s plan would include between $7 billion and $8 billion in direct cash relief that U.S. farmers could see as early as late September.

Despite the payments, the measures are “not going to make farmers whole,” Perdue said.

Citing the Trump administration’s relief measures, German Agriculture Minister Julia Kloeckner said farmers “don’t need aid, [they] need trade.”

“We had a very frank discussion about the fact that we don’t want unilateral protectionist measures,” Kloeckner said in a news conference after the meeting.

The ministers, whose countries represent 60 percent of the world’s agricultural land and 80 percent of food and agricultural commodities trade, did not specify which measures they were referring to in the statement. Asked for details, Kloeckner said the ministers did not want to “criticize a single

country.”

“We all know what happens if a single person or country doesn’t adhere to WTO rules, trying to get a benefit for themselves through protectionism,” she said. “This will usually lead to retaliatory tariffs.”

In the statement, the ministers said they agreed to continue reforming the WTO’s agricultural trade rules.

“Independent of all the news there was surrounding [the meeting], we managed to reach a unanimous consensus,” Argentine Agriculture Minister Luis Miguel Etchevehere said.

U.S. President Donald Trump and European Commission President Jean-Claude Juncker struck a surprise deal on Wednesday that ended the risk of further escalating trade tensions between the two powers.

After the meeting, Trump said the European Union would buy “a lot” of U.S. soybeans.

Earlier, Kloeckner told Reuters that the trade relationship between the United States and the European Union was improving, but that there was no guarantee the bloc would import the quantity of soybeans that Washington expects.
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From: MeNeedIt

The U.K. government should increase oversight of social media like Facebook and election campaigns to protect democracy in the digital age, a parliamentary committee has recommended in a scathing report on fake news, data misuse and interference by Russia.

The interim report by the House of Commons’ media committee, to be released Sunday, said democracy is facing a crisis because the combination of data analysis and social media allows campaigns to target voters with messages of hate without their consent.

Tech giants like Facebook, which operate in a largely unregulated environment, are complicit because they haven’t done enough to protect personal information and remove harmful content, the committee said.

“The light of transparency must be allowed to shine on their operations and they must be made responsible, and liable, for the way in which harmful and misleading content is shared on their sites,” committee Chairman Damian Collins said in a statement.

The copy of the study was leaked Friday by Dominic Cummings, director of the official campaign group backing Britain’s departure from the European Union.

Social media companies are under scrutiny worldwide following allegations that political consultant Cambridge Analytica used data from tens of millions of Facebook accounts to profile voters and help U.S. President Donald Trump’s 2016 election campaign. The committee is also investigating the impact of fake news distributed via social media sites.

Collins ripped Facebook for allowing Russian agencies to use its platform to spread disinformation and influence elections.

“I believe what we have discovered so far is the tip of the iceberg,” he said, adding that more work needed to be done to expose how fake accounts target people during elections. “The ever-increasing sophistication of these campaigns, which will soon be helped by developments in augmented reality technology, make this an urgent necessity.”

The committee recommended that the British government increase the power of the Information Commissioner’s Office to regulate social media sites, update electoral laws to reflect modern campaign techniques and increase the transparency of political advertising on social media.

Prime Minister Theresa May has pledged to address the issue in a so-called White Paper to be released in the fall. She signaled her unease last year, accusing Russia of meddling in elections and planting fake news to sow discord in the West.

The committee began its work in January 2017, interviewing 61 witnesses during 20 hearings that took on an investigatory tone not normally found in such forums in the House of Commons.

The report criticized Facebook chief Mark Zuckerberg for failing to appear before the panel and said his stand-ins were “unwilling or unable to give full answers to the committee’s questions.”

One of the committee’s recommendations is that the era of light-touch regulation for social media must end.

Social media companies can no longer avoid oversight by describing themselves as platforms, because they use technology to filter and shape the information users see. Nor are they publishers, since that model traditionally commissions and pays for content.

“We recommend that a new category of tech company is formulated, which tightens tech companies’ liabilities, and which is not necessarily either a ‘platform’ or a ‘publisher,” the report said. “We anticipate that the government will put forward these proposals in its White Paper later this year.”

The committee also said that the Information Commissioner’s Office needed more money so it could hire technical experts to be the “sheriff in the Wild West of the internet.” The funds would come from a levy on the tech companies, much in the same way as the banks pay for the upkeep of the Financial Conduct Authority.

“Our democracy is at risk, and now is the time to act, to protect our shared values and the integrity of our democratic institutions,” the committee said.
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From: MeNeedIt

President Donald Trump falsely claimed he’s pulled off “an economic turnaround of historic proportions.”

Speaking at the White House Friday after the government reported that the economy grew at an annual rate of 4.1 percent in the second quarter, Trump declared that the gains were sustainable and would only accelerate. Few economists outside the administration agree with this claim.

His remarks followed events Thursday in Iowa and Illinois, where Trump falsely repeated a claim that the U.S. economy is the best “we’ve ever had” and incorrectly asserted that Canada’s trade market is “totally closed.”

WATCH: Trump Says Economy Numbers Sustainable, But Experts Doubtful

A look at the claims:

Historic turnaround

TRUMP: “We’ve accomplished an economic turnaround of historic proportions.” — remarks Friday at the White House.

THE FACTS: Trump didn’t inherit a fixer-upper economy.

The U.S. economy just entered its 10th year of growth, a recovery that began under President Barack Obama, who inherited the Great Recession. The data show that the falling unemployment rate and gains in home values reflect the duration of the recovery, rather than any major changes made since 2017 by the Trump administration.

While Trump praised the 4.1 percent annual growth rate in the second quarter, it exceeded that level four times during the Obama presidency. But quarterly figures are volatile and strength in one quarter can be reversed in the next. While Obama never achieved the 3 percent annual growth that Trump hopes to see, he came close. The economy grew 2.9 percent in 2015.

The economy faces two significant structural drags that could keep growth closer to 2 percent than 3 percent: an aging population, which means fewer people are working and more are retired, and weak productivity growth, which means that those who are working aren’t increasing their output as quickly as in the past.

Both of those factors are largely beyond Trump’s control.

Trade deficit

TRUMP: “One of the biggest wins in the report, and it is, indeed a big one, is that the trade deficit — very dear to my heart because we’ve been ripped off by the world — has dropped.”

THE FACTS: Trump is correct that a lower trade deficit helped growth in the April-June quarter, but it’s not necessarily for a positive reason.

The president has been floating plans to slap import taxes on hundreds of billions of dollars of foreign goods, which has led to the risk of retaliatory tariffs by foreign companies on U.S. goods.

This threat of an escalating trade war has led many companies to increase their levels of trade before any tariffs hit, causing the temporary boost in exports being celebrated by Trump.

Richard Moody, chief economist at Regions Financial, said the result is that the gains from trade in the second quarter will not be repeated.

​Best economy ever

TRUMP: “We’re having the best economy we’ve ever had in the history of our country.” — remarks in Granite City, Illinois.

THE FACTS: Even allowing for Trump’s tendency to exaggerate, this overstates things.

The unemployment rate is near a 40-year low and growth is solid, but by many measures the current economy trails other periods in U.S. history. Average hourly pay, before adjusting for inflation, is rising around a 2.5 percent annual rate, below the 4 percent level reached in the late 1990s when the unemployment rate was as low as it is now.

Pay was growing even faster in the late 1960s, when the jobless rate remained below 4 percent for nearly four years. And economic growth topped 4 percent for three full years from 1998 through 2000, an annual rate it hasn’t touched since.

Canada market closed

TRUMP: “The Canadians, you have a totally closed market … they have a 375 percent tax on dairy products, other than that it’s wonderful to deal. And we have a very big deficit with Canada, a trade deficit.” — remarks in Peosta, Iowa.

THE FACTS: No, it’s not totally closed. Because of the North American Free Trade Agreement, Canada’s market is almost totally open to the United States. Each country has a few products that are still largely protected, such as dairy in Canada and sugar in the United States.

Trump also repeated his claim that the U.S. has a trade deficit with Canada, but that is true only in goods. When services are included, such as insurance, tourism, and engineering, the U.S. had a $2.8 billion surplus with Canada last year.
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From: MeNeedIt

CBS said Friday it is investigating sexual misconduct allegations against Les Moonves, the company’s 68-year-old chairman and CEO.

The claims were detailed Friday on the website of The New Yorker magazine in an article written by Ronan Farrow.

Farrow won a Pulitzer Prize last year for an article in the same magazine about the sexual allegations against powerful Hollywood producer Harvey Weinstein.

In his latest article, Farrow said that he interviewed six women who said they had been sexually harassed by Moonves between the 1980s and the late 2000s.

“Four described forcible touching or kissing during business meetings,” he wrote. “Two told me that Moonves physically intimidated them or threatened to derail their careers.”

All of them, Farrow said, continue to fear “speaking out would lead to retaliation from Moonves, who is known in the industry for his ability to make or break careers.”

Janet Jones, a writer, told Farrow that Moonves “has gotten away with it for decades.” She said she had to push Moonves off of her after he “forcibly kissed” her at a work meeting.

Moonves said in a statement published in The New Yorker: “I recognize that there were times decades ago when I may have made some women uncomfortable by making advances. Those were mistakes, and I regret them immensely. … I have never misused my position to harm or hinder anyone’s career…”

Farrow said 30 current and former CBS employees told him that the sexual misconduct allegations at CBS include not only Moonves, but also extend “to important parts of the corporation, including CBS News and 60 Minutes, one of the network’s most esteemed programs.”

Under Moonves, Farrow wrote, “men at CBS News who were accused of sexual misconduct were promoted, even as the company paid settlements to women with complaints.”

Last year, Moonves was one of the founders of Hollywood’s Commission on Eliminating Sexual Harassment and Advancing Equality in the Workplace, chaired by Anita Hill.

Moonves’ wife, a CBS TV producer and personality, Julie Chen, said on Twitter:

​
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From: MeNeedIt

A sleek futuristic train that travels through a special tunnel and covers the distance between Los Angeles and San Francisco in 30 minutes. This was the dream of Elon Musk, the founder of SpaceX in 2013. And every year he’s getting closer to making that dream a reality. Late July was marked by the third annual Hyperloop pod competition in Los Angeles; a competition that has once again set a new speed record. Genia Dulot has the story.
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From: MeNeedIt

Not counting certain types of skin cancer, breast cancer is the most common form of cancer in women in the U.S. and worldwide, according to the World Health Organization. Now researchers in Europe have come up with a robotic device that may speed detection of cancer tumors, potentially saving thousands of lives. VOA’s Julie Taboh has more.
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From: MeNeedIt

How late is too late to become a mother? Actress Brigitte Nielsen has had her fifth child at 54, reopening debate on the growing number of women using IVF to have babies later in life.

Fertility experts say the average age of mothers is steadily rising across the world, with women increasingly turning to fertility treatments to extend their childbearing years.

Some have renewed calls for women to prioritize having children in their younger and more fertile years, but others said health providers needed to take into account the pressures that led women to put off starting a family.

“We should trust women to make this decision for themselves,” Katherine O’Brien, head of policy research at the British Pregnancy Advisory Service (BPAS), a charity.

“What we need is a health care service that supports their decisions rather than trying to cajole women into children at a time that’s not right for them,” she told Reuters.

Nielsen said she conceived using eggs she had frozen in her 40s, an increasingly popular choice among women seeking to extend their fertile years.

Given that the quantity and quality of eggs declines with age, most women trying to conceive in their mid-40s or above would be advised to consider using donor eggs taken from a younger woman.

A recent analysis of fertility treatments in 1,279 institutions across Europe found almost a third of births through egg donation in 2014 were to women aged 40 or older.

One Indian woman thought to be in her 70s gave birth last year using a donor egg, according to Britain’s Guardian newspaper, a case that promoted debate over the ethics of older women using treatment to conceive.

“There is a global trend for women choosing to have their children later in life,” said Richard Kennedy, the president of the International Federation of Fertility Societies.

“Certainly, in the UK and western Europe it’s personal choices: It’s lifestyle, it’s women pursuing their professions and [they] are making lifestyle choices to delay having families to until their late 30s or early 40s,” he said.

Kennedy said pregnancies of women in their 50s or older “is not something that should necessarily be encouraged,” citing the heightened risks of cardiac and other health problems during pregnancy.

“I think that women should be conscious of their fertility,” he added. “A woman should be encouraged to consider that when she is making decisions around her career and personal life.”

O’Brien, however, said much of the debate around fertility “just ignores the reality of women’s lives.”

She pointed to research by BPAS that found women were aware that fertility declined with age, but were often waiting to have children for practical reasons — such as concern over their financial stability or the impact on their careers.

“The fact that women are able to have children at that stage of their life should be celebrated,” she said. “All this finger-wagging is directed solely at women and that ignores that this is largely a decision taken by two people.”
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From: MeNeedIt

Facebook said it had deleted hundreds of offensive posts since a law banning online hate speech came into force in Germany at the start of the year that foresees fines of up to 50 million euros ($58 million) for failure to comply.

The social network received 1,704 complaints under the law, known in Germany as NetzDG, and removed 262 posts between January and June, Richard Allan, Facebook’s vice president for global policy solutions said in a blog.

“Hate speech is not allowed on Facebook,” Allan said, adding that the network had removed posts that attacked people who were vulnerable for reasons including ethnicity, nationality, religion or sexual orientation.

Complaints covered a range of alleged offenses under Germany’s criminal code, including insult, defamation, incitement to hatred and incitement to crime, the report said. Of the posts that were blocked, the largest number was for insult.

Facebook is less popular in Germany than other European countries, with only around two in five internet users logging on each month, according to researchers eMarketer.

That’s in part due to collective memories of hate-filled propaganda that date back to Germany’s 20th century history of Nazi and Communist rule that don’t always sit well with Facebook’s broad view on freedom of speech.

Chief Executive Mark Zuckerberg faced criticism in Germany after saying in a recent interview that Facebook should not delete statements denying that the Holocaust happened — a crime in Germany. He later clarified his remarks.

Facebook has a dedicated team of 65 staff handling complaints under the NetzDG, Allan said, adding that this could be adjusted in line with the number of complaints.

From January to June, Facebook removed a total of around 2.5 million posts that violated its own community standards designed to prevent abusive behavior on the platform.

“We have taken a very careful look at the German law,” Allan wrote in his blog, which was published in German. “That’s why we are convinced that the overwhelming majority of content considered hate speech in Germany, would be removed if it were examined to see whether it violates our community standards.”

A lawmaker for Chancellor Angela Merkel’s ruling Christian Democratic Union (CDU), Tankred Schipanski, said the NetzDG law — which requires social platforms to remove offensive posts within 24 hours — was doing the job for which it was intended.

($1 = 0.8579 euros)
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From: MeNeedIt

The Latest on the aftermath of Facebook’s release of user growth and expectations for the company ahead (all times local):

4:50 p.m.

The 19 percent loss in Facebook’s stock chopped $119 billion off its market value.

It was the company’s worst trading day since going public in 2012, and among the biggest one-day losses of market value in U.S. stock market history.

The loss came a day after Facebook revealed that its user base and revenue grew more slowly than expected in the second quarter as it grappled with privacy issues.

Those revelations stunned investors, who believed the company had weathered the recent scandal over users’ privacy and pushed the stock to an all-time high Wednesday of $217.50.

12:45 p.m.

The erosion in the value of Facebook as it is perceived on Wall Street involves some staggering numbers.

In midday trading Thursday, the company’s market value (the number of outstanding shares multiplied by the value of a single stock), fell by more than $122 billion.

That means that in one day, just the decline in Facebook’s market value is roughly the entire market value of McDonald’s or Nike, give or take a few billion. And it far exceeds to total market value of major U.S. multinational corporations such as General Electric, Eli Lilly or Caterpillar.

The company still has a total market value close to $511 billion, which exceeds the annual gross domestic product of countries like Poland, Belgium and Iran.

Facebook was downgraded by a number of industry analysts who were caught off guard by slowing growth in the wake of the Cambridge Analytica scandal.

Company shares fell 19 percent Thursday.

10:40 a.m.

Facebook may be heading for its worst day on the markets in its history a day after the company revealed that user growth, amid swirling questions about how their information is used, has slowed.

The stock plunged 19 percent in early trading Thursday, eradicating well in excess of $100 billion in market value.

The social media company’s financial results, released late Wednesday, fell short of Wall Street expectations as the company continues to grapple with privacy issues. It also warned that revenue would decelerate as it promotes new products

Facebook had 2.23 billion monthly users as of June 30, up 11 percent from a year earlier, but well short of what industry analysts had been expecting.

The results are from the first full quarter following the revelation of the Cambridge Analytica privacy scandal. The company is also contending with European privacy rules that went into effect in May.
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From: MeNeedIt

The Japanese city of Iga is fighting off would-be ninjas after a news report suggesting the city wanted to hire the traditional assassins went viral.

The confusion began last week, when a reporter for National Public Radio in the United States said Japan was suffering from a shortage of workers because of declining birth rates.

The report quoted Sakae Okamoto, mayor of Iga, as saying the worker shortage had affected the city’s plans to build a second museum focused on the warriors.

Iga is famous for being the home of the powerful Iga ninja clan.

While the report mentioned that ninja performers could earn as much as $85,000, it did not say the city was looking to hire them. 

The story was subsequently picked up on social media and other news outlets that failed to clarify the lack of jobs. 

Iga city officials received 115 emails from would-be ninjas offering their services and asking when they could start. Other job requests were sent to the city’s ninja museum, the regional tourist board and a a local university.

The applications have come from around the world, including Italy, India, Ecuador and the U.S.

The ninja-centric city has posted a statement in several languages on its website stressing it was not hiring. But it took the opportunity to extol the virtues of its “splendid tourist attractions, including facilities about ninjas.”

Besides its first ninja museum, the central Japanese city also has several ninja costume rental shops and holds an annual ninja festival. 
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From: MeNeedIt

Rock Steady Boxing NOVA gym opened in McLean, Virginia, outside Washington, D.C., last December. That was the good news for 75-year-old Neil Eisner, who was diagnosed with Parkinson’s six years ago and finds boxing an effective way to fight back against the disease.

Rock Steady Boxing (RSB) was designed especially for people with Parkinson’s, a neurodegenerative disorder that leads to tremors and balance problems. Each exercise in the program focuses on a specific skill — one is combining punches on a bag to work on strength, another is crawling across the floor. Eisner says the exercises help him perform everyday tasks like moving around and getting in and out of bed.

Some strengthening exercises target vocal cords. “One of the things that’s interesting enough is [Parkinson’s patients] tend to have a [softer] voice. When you have that lower voice, and people can’t hear you, you don’t realize. So, he asks us to bring our voice clearly and more loudly,” Eisner said.

​Becoming an RSB trainer

For personal trainer Alec Langstein, working with an older population is familiar. He understands their health issues and the need for them to stay active.

“My aunt has a gym in Westchester, New York, and she does a Rock Steady Boxing program there,” he said. “She invited me up to her gym to check out the program. She thought it would be a perfect fit for what I do. I helped out with a few classes, and it was just, I thought, an amazing program.”

The Rock Steady Boxing nonprofit was founded in 2006 by attorney Scott C. Newman, who was looking for ways to stay active after being diagnosed with Parkinson’s at age 40. Since then, more than 500 boxing programs have been introduced in the U.S. and around the world.

Langstein went to the organization’s headquarters to become an RSB-licensed trainer, and a few months later, he opened his Rock Steady Boxing NOVA gym.

“It’s a typical boxing program,” he explained. “They focus on balance, hand-eye coordination, reaction, footwork. There is some cognitive stuff because in boxing, certain numbers equal certain punches. So, when I yell certain numbers, you have to move and react at the same time. So, the brain and the body are working together. It’s also taking out the aggression some people may have out of having the disease.”

​Improving quality of life

To understand how RSB can help Parkinson’s patients, physical therapist Danielle Sequira says it’s important to know what triggers the symptoms.

“Parkinson’s mainly affects the dopamine-producing cells in the brain. That leads to a lack or a loss of dopamine, which contributes to the movement difficulties,” she said.

While boxing and other exercises don’t cure the disease or stop the dopamine decline, they can improve the patient’s quality of life. Exercises can be modified for people with Parkinson’s, including those in wheelchairs.

“The research shows that exercise helps the brain use dopamine more efficiently,” Sequira said. “My goal usually, after I work with some of my patients with Parkinson’s, is to refer them out to get involved in an exercise program out in the community.”

​The social effect

RSB seems to have helped Victoria Hebert reduce the symptoms of her Parkinson’s. She has a tremor in her left hand, and says certain situations trigger it.

“Being cold, being hot, or sitting with a crowd I’m not very comfortable with, I can’t help starting to shake. I end up having to sit on my hand just to keep it still,” she said.

But with this crowd, Hebert doesn’t feel the need to hide the disease. “These people have become very close in the four or five months we’ve been together.”

“That’s the big part of it, sharing experiences with others,” she added. “I have to say, it’s very embarrassing, but over eight years of time I’ve never met another person with Parkinson’s. Then, I came here, and it was like a whole class of 20, 25 people with it. It was kind of surprising to me, kind of surprising that I, myself, didn’t reach out to anybody before that.”
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From: MeNeedIt

Social media giant Facebook, which has weathered storms about privacy and data protection, is now looking at cooler growth following a years-long breakneck pace.

Shares in Facebook plummeted 19 percent to close at $176.26 Thursday, wiping out $100 billion. It was believed to be the worst ever single-day evaporation of market value for any company.

The plunge came one day after the firm missed revenue forecasts for the second quarter and warned that growth would be far weaker than previously estimated.

Chief Financial Officer David Wehner warned Wednesday in an earnings call with analysts that revenue growth had already “decelerated” in the second quarter and would drop “by high single-digit percentages” in coming quarters.

At one point during the call, Facebook shares were trading down as much as 24 percent, an unprecedented drop for a large firm.

On the call, Jefferies & Co. analyst Brent Thill said that “many investors are having a hard time reconciling that deceleration. … It just seems like the magnitude is beyond anything we’ve seen.”

Facebook said the slowdown would come in part from a new approach to privacy and security, but also appeared to acknowledge the limits of growth in advertising, which accounts for virtually all its revenue.

Brian Sheehan, a Syracuse University professor of communication and advertising, said the weak forecast “made investors nervous about more basic long-term issues” with the huge social network, notably its diminished appeal to younger users.

“With or without privacy issues, investors are scared that Facebook’s interactions, particularly with those under 25, are falling,” Sheehan said.

For the second quarter, profit was up 31 percent at $5.1 billion; revenues rose 42 percent to $13.2 billion, only slightly below most forecasts.

User base still growing

Facebook reported its user base was still growing but not as fast as some expected. Monthly active users rose 11 percent to 2.23 billion — below most estimates of 2.25 billion.

Richard Windsor, a technology analyst who writes the Radio Free Mobile blog, said the new outlook should not be surprising.

“This is a direct result of scale as it becomes increasingly difficult to grow at such high rates when a company hits this size,” Windsor wrote.

Windsor added that Facebook is forced to hire more people to handle tasks such as filtering inappropriate content after discovering the limits of artificial intelligence.

“Weaknesses in AI are forcing [Facebook] to keep hiring humans to do the jobs that the machines are incapable of,” he said.

Brian Wieser at Pivotal Research Group said the company appears to have hit a “wall” on growth in advertising.

In a research note, he said Facebook’s outlook “suggests that while the company is still growing at a fast clip, the days of 30 percent-plus growth are numbered.”

Until Wednesday, Facebook shares had been at record highs as investors seemed to shrug off fears about data protection and probes into the hijacking of private information by the political consultancy Cambridge Analytica.

Chief Executive Mark Zuckerberg said Facebook has invested heavily in “safety, security and privacy” after being rocked by concerns of manipulation of the platform to spread misinformation, warning of an “impact” on profitability.

Some analysts however said it was too soon to write off Facebook or its growth prospects, and that the company may have simply been warning of the worst-case scenario.

“The company has a track record of resetting revenue growth and expense expectations only to turn around and exceed those expectations the following quarter,” said Gene Munster of Loup Ventures. “We suspect Facebook is sticking with its historical playbook and will, in fact, beat these lower numbers.”

A positive view

Richard Greenfield of BTIG Research said he remained upbeat on Facebook despite the abrupt forecast shift.

“Facebook is actively choosing to make less money, deprioritizing near-term monetization to drive engagement to even higher levels,” Greenfield said in a note to clients.

Greenfield said he could “sense the fear/panic in investors’ voices” after the Facebook analyst call, but that he had maintained his outlook.

“Mobile is eating the world and Facebook is a core holding to benefit from that shift,” he said.

RBC Capital Markets analyst Mark Mahaney said the drop creates a rare buying opportunity for Facebook shares.

“Facebook stills owns two of the largest media assets in the world [Facebook and Instagram] and the two largest messaging assets in the world [Messenger and WhatsApp],” Mahaney said in a note to clients, adding that he sees “no material change in marketer views of the attractiveness” of Facebook platforms. 
…

From: MeNeedIt