Tuesday, May 17, 2011
WYE: OBAMA'S FINANCIAL TERRORISTS FEAR GOOGLE & FREEDOM OF SPEECH!
Bootup: Google facing US$500-million charge over ad investigation
May 11, 2011 9:37 AM ET
Today in technology: Google Inc. reveals its profit from the last quarter was actually US$500-million lower as the Web search giant set aside the sum ahead of a potential U.S. Department of Justice settlement, Symantec Corp. warns nearly 100,000 Facebook apps leak personal information to advertisers and Ottawa patent firm Mosaid Technologies Inc. files fresh patent infringement claims against three companies.
Google ads under DOJ investigation
When the world’s largest search engine last reported quarterly net income of US$2.3-billion last month, it neglected to include the US$500-million Google accrued during the quarter to pay off a potential settlement with the U.S. Department of Justice.
Bringing down total Q1 profit by 22% to US$1.8-billion, the company revealed the figure in a filing with the U.S. Securities and Exchange Commission on Tuesday, which was first reported by the New York Times. The figure reported on April 14 was already below what Wall Street analysts were expecting from the Internet colossus, marking the first time in seven quarters when the company failed to exceed analyst targets.
“In May 2011, in connection with a potential resolution of an investigation by the United States Department of Justice into the use of Google advertising by certain advertisers, we accrued $500 million for the three month period ended March 31, 2011,” the Mountain View, Calif.-based company wrote in its submission.
“Although we cannot predict the ultimate outcome of this matter, we believe it will not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows.”
In an email to the Financial Post, a Google spokesperson declined to comment as the investigation is an ongoing legal matter.
Facebook apps spying on you by accident: Symantec
Another day, another reason to be concerned about privacy on Facebook. On Tuesday, the world’s largest security software provider accused the world’s largest social network of allowing advertisers access to personal user information. In a post on the official Symantec blog, the company said nearly 100,000 Facebook applications were enabling an accidental leakage of the personal data to third parties and that they had been doing so for years.
Luckily, Symantec said, most of those advertisers likely had no idea they were even able to access that data. Facebook has already been made aware of the issue and has already taken steps to plug the leakage. Douglas Purdy, director of developer relations for Facebook, said in the comments section of an article posted on TheNextWeb that advertisers and developers also had contractual obligations prohibiting them from sharing user data in a way that violates the company’s policies.
Facebook is no stranger to issues involving the integrity of personal data its users share with third party applications.
Mosaid files new lawsuits
After filing a patent infringement lawsuit against 17 companies including Research In Motion Ltd. in March over their alleged use of Mosaid’s WiFi technology, the Ottawa-based patent firm remains on the legal offensive. On Tuesday, the company launched another suit against Elpida Memory Inc., Buffalo Inc. and Axiontechhe, claiming those companies are infringing six Mosaid-held patents related to semiconductors. The company’s aggressive legal strategy has made it a very attractive investment opportunity in the eyes of at least one analyst.
Posted by Eileen at 1:13 PM