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Facebook : restores services after global outage

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03/14/2019 | 12:41pm EDT
FILE PHOTO: A man reads a newspaper at the reception area of Facebook's new office in Mumbai

(Reuters) - Facebook Inc said on Thursday it had restored service to its main app and Instagram, after the world's largest social network suffered a major outage that frustrated users across the globe for about 24 hours.

The company also said it was considering whether to refund advertisers for lost exposure due to the problems, which internet outage trackers showed affected users in Europe, Japan, North and South America.

"Yesterday, a server configuration issue made it difficult for people to access our apps and services. We are 100 percent back up and running and apologise for any inconvenience," a Facebook spokesperson said.

"We are still investigating the overall impact of this issue, including the possibility of refunds for advertisers."

Facebook takes tens of millions of dollars of advertising revenue every day.

Media reports earlier said millions of users were affected, and thousands took to Twitter on Wednesday and Thursday to complain under the hashtag #facebookdown.

DownDetector website - one of the internet's most used sources of numbers on outages - showed the number of complaints had peaked at more than 12,000, gradually falling to about 180 as of 11 a.m. ET on Thursday.

The BBC and a handful of other media outlets said it was the platform's longest ever outage. Reuters was not immediately able to verify those claims and the company declined to comment beyond the statement on resumption of services.

Facebook's shares fell nearly 2 percent in morning trading on Thursday.

INVESTIGATION

Separately, the New York Times reported on Wednesday that U.S. federal prosecutors were conducting a criminal investigation into data deals Facebook struck with more than 150 technology companies such as Amazon.com Inc and Apple Inc.

Facebook is facing a slew of lawsuits and regulatory inquiries over its privacy practices, including ongoing investigations by the U.S. Federal Trade Commission, the Securities and Exchange Commission and two state agencies in New York.

A spokesman for the social network said the company was cooperating with investigators in multiple federal probes, without addressing the grand jury inquiry specifically.

(Reporting by Mekhla Raina, Subrat Patnaik and Munsif Vengattil in Bengaluru; Editing by Patrick Graham)

By Mekhla Raina

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Financials ($)
Sales 2019 68 978 M
EBIT 2019 25 309 M
Net income 2019 22 195 M
Finance 2019 49 256 M
Yield 2019 -
P/E ratio 2019 21,87
P/E ratio 2020 18,67
EV / Sales 2019 6,09x
EV / Sales 2020 4,90x
Capitalization 469 B
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Technical analysis trends FACEBOOK
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TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 47
Average target price 195 $
Spread / Average Target 19%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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