Next blame warm weather for predicted profit drop, Facebook shares fall 10% and NYC stocks break 17,000 barrier

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Next blame warm weather for predicted profit drop, Facebook shares fall 10% and NYC stocks break 17,000 barrier
29th October 2014

Facebook shares fall despite increased advertising revenues

Investors showed their discontent as Facebook shares fell 10% overnight after the company projected a slowdown in revenues and increase in spending.

The company said it was planning to invest in underperforming products it has acquired such as WhatsApp, which it bought for $19 billion earlier this year. 

The setback comes as shares reached an all-time high of $81.16 earlier his week and advertising revenues are increasing.

Mobile advertising now makes up 66% of its total advertising revenue, up from 50% a year ago.

Facebook said has 1.35 billion active users every month, up 14% on 2013. The number of people checking Facebook at least once a day jumped 19% to 864 million.

Next blame good weather for predicted profit loss

Though not going so far as to admit hating sunshine and good times, retailer Next warned that their profits will be lower than expected because of warm weather in September and October, which stops people buying winter coats. 

NYC stocks break 17,000 barrier

Stock markets in New York rose through the 17,000 barrier on the back of solid economic data.

In the UK, boss of Standard Life investments warned that the market unlikely to recover this year. 

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