Facebook Just Learned the True Cost of Fixing Its Problems


Here's a good nugget from Fred Vogelstein on Facebook's earnings:

How much less profitable will Facebook be? During the last quarter of 2017, the ratio of operating earnings to revenue—an important measure of profitability—was 57 percent. It was 44 percent in the second quarter of 2018. And it’s expected to fall into the mid-30 percent range by the end of this year, said David Wehner, Facebook’s chief financial officer.


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