eBay's outlook falls short of expectations
eBay's outlook for the current quarter was below analysts' expectations for profit and revenue. Following the release of third-quarter results, eBay's stock fell 5.2 percent to $50.72 in after-hours trading.
The San Jose company said its third-quarter profit grew 15 percent as revenue rose, thanks to increasing mobile transactions in its online marketplaces eBay and StubHub and growth in the number of people using its PayPal payments processor.
In the quarter through September, eBay's net income grew to $689 million, or 53 cents a share, from $597 million, or 45 cents a share, a year ago. Excluding special items, adjusted earnings came to 64 cents a share, a penny better than expected by analysts polled by FactSet.
Revenue rose 14 percent to $3.89 billion, slightly below the $3.91 billion analysts were looking for.
-- Associated Press
Facebook widens teens' social network choices
Facebook is letting teenagers share their photos and updates with a broader audience, but the popular social network says it's also taking steps to prevent accidental "oversharing."
Under a new policy that took effect Wednesday, Facebook users who are under 18 can now share posts with the public instead of being limited to their friends or friends of friends.
The new policy is similar to public-sharing rules used by rival social networks such as Twitter and Google+, but it drew mixed reviews from advocates for children. Some praised the company for building safety measures into the policy, while others complained the changes could make it easier for strangers and advertisers to track young users on the social network.
Facebook has recently been criticized for other moves that have made users' profiles more public or discoverable through its search function. But at a time when numerous social apps and messaging services are vying for young consumers, Facebook said it wants to give teens more choice in how they use the world's biggest social network.
"Teens are among the savviest people using social media, and whether it comes to civic engagement, activism or their thoughts on a new movie, they want to be heard," the company said in a blog post.
"While only a small fraction of teens using Facebook might choose to post publicly, this update now gives them the choice," the company said.