The daily business briefing: October 31, 2018

Facebook shares fluctuate after quarterly report, U.S. charges 10 Chinese agents in hacking scheme, and more

1. Facebook shares fluctuate after mixed quarterly report

Facebook shares fell by as much as 5 percent in after-hours trading Tuesday following a disappointing quarterly report, but bounced back into the black after a reassuring conference call with company executives. The social media company reported earnings per share of $1.76, which beat expectations of $1.47 per share, but its revenue and active user totals fell short of estimates, according to Refinitiv. Facebook said its daily active users for the quarter came to 1.49 billion, just under the expected 1.51 billion. More than 2.6 billion people use the company's apps, which include Facebook, WhatsApp, Instagram, and Messenger. That figure was up by 100 million over last quarter. Last quarter Facebook said it expected revenue growth to slow in the second half of the year as it invested more in its Stories product, which brings lower ad rates.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.