- published a list of guidelines on objectionable content, violent and criminal behavior, and intellectual property Tuesday morning.
- Shares are down more than 3%.
- Facebook reports earnings after Wednesday's closing bell.
Facebook is sliding after publishing a list of rules about what is and isn't allowed on the platform (FB)
Facebook is dropping Tuesday. It's unclear why, and Facebook reports earnings Wednesday after the bell.
Facebook shares are lower by 3.2% at $160.53 apiece Tuesday after the company published a list of guidelines on objectionable content, violent and criminal behavior, and intellectual property.
The announcement from Facebook is the latest attempt by the social-media giant to distance itself from the Cambridge Analytica data scandal that surfaced in March. Cambridge Analytica, a political-research firm, had illegally accessed roughly 87 million users' data.
News of the scandal caused Facebook shares to plunge as much as 19.5% in two weeks following, wiping out nearly $100 billion of market cap.
Even before the scandal, Facebook was dealing with a fake news problem. that caused the company to rejigger its algorithm in order to prioritize friend-related and personal content over news.
Facebook reports its first-quarter results after Wednesday's closing bell. Wall Street is expecting the company to earn $1.38 a share on revenue of $11.41 billion.
Facebook is down 11.89% for the year.