Facebook’s profit soars, revenue beats forecasts

Facebook turned in another strong financial performance in its second quarter, as profit soared and revenue beat Wall Street expectations for the ninth consecutive quarter.

The world’s largest social network on Wednesday reported revenue of $2.9 billion, up 61 percent from the same period a year ago, and profit of $791 million – more than double the $333 million reported a year ago. Earnings amounted to 30 cents a share, or 42 cents a share after subtracting one-time items.

With more than 1.3 billion monthly users, Facebook said 829 million users are visiting the site on a daily basis. The company said 1.07 billion users visit the site on mobile gadgets every month.

Six indicted over scheme to defraud StubHub users

An international cyber-crime ring was able to take over StubHub user accounts to steal identifying information and use victims’ credit cards to purchase tickets to concerts and sporting events, authorities said Wednesday.

Six people were indicted in connection with the alleged scheme to defraud users on the popular online ticket marketplace. According to the Manhattan District Attorney’s office, the proceeds were transferred through a global network of accomplices in the U.S., Britain, Russia and Canada.

Regulators OK new rules on money-market mutuals

Regulators have voted by a narrow margin to end a longtime staple of the investment industry – the fixed $1 share price for money-market mutual funds – at least for some money funds used by big investors.

The idea is to minimize the risk of a mass withdrawal from the funds during a financial panic.

The Securities and Exchange Commission also is letting all money funds block withdrawals when their assets fall below certain levels or impose fees for withdrawals.

– From news service reports