Extraordinary Hubris

It sounded so much differently just eight trading days ago. Facebook announced its latest quarterly results after the close on July 26 that disappointed expectations. A primary concern among investors was the projected decline in user growth attributed at least in part to the fallout from Cambridge Analytica, which involved the mishandling of data associated with up to 87 million of its users. The stock price tumbled more than -20% in response to the news. But all of this worry about future growth is so July 2018. For while on one hand the company talks about its long-term effort to improve the security of the user data on its platform, at the same time it is out sniffing for even more sensitive data to collect.

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