Mark Zuckerberg and Steve Ballmer gained a combined $5.1 billion after strong Microsoft and Facebook earnings by CarterCoudriet
The net worths of big tech’s blue chip billionaires jumped Thursday as soon as stock markets opened. The gains came after both Facebook and Microsoft reported better than expected revenue growth on Wednesday after the market closed. Altogether the value of Facebook and Microsoft shares held by 27 billionaires rose $7.4 billion, thanks to the strong earnings reports., the largest individual shareholder in the social network he founded in a Harvard dorm room 15 years ago.
Despite concerns over its platforms’ data security and privacy, Facebook’s quarterly revenue exceeded $15 billion, contributing to a 26% year-over-year increase. The company estimates that 2.1 billion people use one of its services every day. Its share price on Thursday rose 5.8% to $193.26. Facebook also disclosed a $3 billion to $5 billion legal charge from the FTC, which it claims dragged its diluted earnings-per-share down 55%. The penalty seems to be tied to the Cambridge Analytica scandal, whichabout the social media giant’s usage of user data. But investors seemed to shrug off that news.
“We’re making significant investments in safety and security while continuing to grow our community and our business. This quarter once again, shows that we can do both,” said , Facebook’s billionaire chief operating officer. The 22 billionaire Facebook shareholders collectively added $5.7 billion., the former Microsoft CEO who still holds more shares in the software giant than any other individual. His fortune jumped $1.2 billion, to $48.2 billion., with diluted earnings per share up 20%. Its quarterly revenue climbed 14% to $30.6 billion, largely on the back of its commercial cloud business, which alone has jumped 41% year-over-year.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow futures edge lower as investors await Facebook, Microsoft earningsMarket focus is largely attuned to earnings season, after better-than-feared figures from major companies in the previous session helped the Nasdaq and S&P 500 indexes reach record closing highs.
Read more »
Facebook expects multibillion-dollar FTC fine, but stock still gains after earningsFacebook Inc. shares jumped in late trading Wednesday, even as the company said it expects to pay a multibillion-dollar fine to the Federal Trade Commission.
Read more »
Facebook earnings account for expected multibillion-dollar FTC fine, but stock still gainsFacebook Inc. shares jumped in late trading Wednesday, even as the company said it expects to pay a multibillion-dollar fine to the Federal Trade Commission.
Read more »
Mark Zuckerberg says Facebook's future involves making billions from shopping, not just adsCEO Mark Zuckerberg said that payment and shopping would be a leading revenue driver for Facebook in the future.
Read more »
Here's why Facebook is paying a fine of $3 billion to $5 billionAs part of a 2011 agreement with the FTC, Facebook agreed to get users' consent before sharing their data with third parties, like Cambridge Analytica.
Read more »
Ford jumps 8% on strong first-quarter earningsThe quarterly numbers come amid Ford's $11 billion restructuring plan, with an aim to slash costs by $14 billion over the next five years.
Read more »
Microsoft heads toward $1 trillion valuation after earningsMicrosoft Corp. shares rose in the extended session Wednesday, pushing the tech giant toward a $1 trillion valuation as cloud growth continues to boost the...
Read more »
LIVE: Here comes Microsoft earningsMicrosoft is within striking distance of a $1 trillion market cap, making its quarterly earnings more important than ever.
Read more »
S&P, Nasdaq notch record closing highs on strong earningsThe S&P 500 and the Nasdaq registered record closing highs after a broad-based r...
Read more »
Microsoft hits $1 trillion market cap for the first time as stock jumps on earnings beatMicrosoft shares jumped to a record and pushed the company past the $1 trillion mark on better-than-expected earnings and revenue.
Read more »
S&P 500 heads for new record close after strong earnings from broad range of companiesThe S&P 500 headed for a record close as Wall Street cheered strong quarterly profits from some of the largest publicly traded U.S. companies.
Read more »