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Facebook shares slump as user growth slows

Facebook shares slump as user growth slows

Technology
Facebook shares slumped 7% in after-hours trading, as the social media giant revealed that its user base and second-quarter revenue grew slower than expected. The shares, which have risen as much as 23% this year, fell to $ 201.40 in trading after the bell.It was the company's first full quarter following the Cambridge Analytica privacy scandal.The firm said it had 2.23 billion monthly active users at the end of June, up 11% on June 2017, the slowest growth in more than two years.Analysts attributed the user growth shortfall largely to European privacy rules that went into effect in May.The Cambridge Analytica scandal prompted several apologies from chief executive Mark Zuckerberg and generated calls for users to desert Facebook, which has grown strongly since launching as...
CryptoKitties craze slows down transactions on Ethereum

CryptoKitties craze slows down transactions on Ethereum

Technology
A new craze for virtual kittens is slowing down trade in one of the largest crypto-currencies. CryptoKitties lets players buy and breed "crypto-pets" on Ethereum's underlying blockchain network. The game's developers told the Bloomberg news agency that CryptoKitties was a "key step" to making blockchains more accessible. But its popularity has underscored one of the technology's biggest downsides: its lack of scalability. Etherscan has reported a sixfold increase in pending transactions on Ethereum since the game's release, by the Axiom Zen innovation studio, on 28 November. "CryptoKitties has become so popular that it's taking up a significant amount of available space for transactions on the Ethereum platform," said Garrick Hileman, from the Cambridge Centre for Alternative Finance."So...