NEW YORK (AP) - Facebook's first-quarter earnings and revenue grew sharply, surpassing Wall Street's expectations thanks to an 82 percent increase in advertising revenue.
The social network said Wednesday that it earned $642 million, or 25 cents per share, in the January-March quarter, up from $219 million, or 9 cents per share, in the same period a year ago. Adjusted earnings were 34 cents per share. Revenue rose 71 percent to $2.5
Analysts anticipated earnings of 24 cents per share on revenue of $2.36 billion.
Facebook also said that its finance chief, David Ebersman, is leaving on June 1 after five years. He'll be replaced by David Wehner, currently vice president of corporate finance and business planning.
Wellness programs grow more popular
NEW?YORK?(AP)?- The little voice nagging you to put down the cake and lace up the running shoes is increasingly coming from your employer. It is likely to grow louder with a looming change under the federal health care overhaul.
Companies are using wellness programs to improve employees' health as a means to reduce their medical costs. They're asking workers to take physical exams and control conditions like diabetes. Some are also dangling the threat of higher monthly premiums to prod workers into action.
The Affordable Care Act calls for a 40 percent tax on expensive benefit plans starting in 2018. In turn, many companies that offer employer-based coverage already have begun looking for ways to lower costs and avoid that tax.
Russian social media CEO quit
MOSCOW (AP) - The founder of Russia's leading social media network - often described as Russia's Mark Zuckerberg - has left his post as CEO and fled the country as cronies of President Vladimir Putin have made steady inroads into the company's ownership.
The slow-motion ouster of Pavel Durov from the network known as VKontakte is the latest sign that independent media outlets in Russia have become increasingly imperiled.
The loss of Durov's leadership in VKontakte means that the space for free speech on the Russian web could shrink even further.
As one of his final acts of defiance, Durov posted online last week what he said were documents from the security services, demanding personal details from 39 Ukraine-linked groups on VKontakte.
A economist's grim view of wealth gap
NEW YORK (AP) - Thomas Piketty, the French economist who helped popularize the notion of a privileged 1 percent, sounds a grim warning in his new book: The U.S. economy has begun to decay into the pattern of aristocratic Europe of the 19th century. Hard work will matter less, inherited wealth more. The fortunes of the few will unsettle the foundations of democracy.
The research Piketty showcases in his book, "Capital in the 21st Century," has set the economics field ablaze. Supporters cite his work as proof that the wealth gap must be