Good morning. Here’s everything you need to know in the world of advertising today.
1. Facebook reported strong third quarter results, beating analyst expectations for revenue, adjusted EPS, and monthly and daily active users. But its shares sunk more than 8% in after-hours trading after the company cautioned that spending will grow in 2017 and that the News Feed is nearly fully saturated with ads.
2. Criteo surpassed analysts’ estimates in its third quarter. CEO Eric Eichmann told Business Insider that the company has marked more than 20 quarters in a row of a 90% or higher retention rate and that it has two big new revenue opportunities to fuel its growth in the coming quarters.
3. Facebook CEO Mark Zuckerberg explained how close Whatsapp and Instagram are to making the company money. He used a three-phase plan to show how he thinks about monetizing products — whilst Whatsapp is in phase one, Instagram is well into its third stage.
4. Ad tech company Rubicon Project announced it was laying off around 19% of its total headcount. The company, which also lowered its guidance for Q4, said the reduction was the result of a “comprehensive realignment of the business.”
5. Nordstrom has responded to a shopper’s viral open letter demanding that the retailer stop selling Ivanka Trump’s fashion brand. The company posted a response on Twitter on Wednesday, saying it’s not taking a political position by selling Trump’s products.
6. Two of the founders behind Vine have launched a quirky new app for live video called Hype. They have already managed to attract the backing of Snapchat’s first investor.
7. Mobile carrier Three has said it won’t be introducing ad blocking services for customers. The company admitted its initial announcement about an ad blocking test “p—-d Google off” as well as the UK communications regulator.
8. Yelp reported a surprise profit in its third quarter as people posted more reviews on its site. The company also said it will cut 175 jobs as it abandons its plan to expand into international markets.
9. Apple’s marketing chief Phil Schiller defended the decision to not include a crucial port in the new Macbook Pro, saying it was “cumbersome” in an interview with The Independent. The common sentiment is that Apple has slashed too many ports and high-level features for the sake of thinness and battery life.
10. Slack used a full-page ad in The New York Times to publish an open letter to its new competitor, Microsoft. Slack CEO Stewart Butterfield tweeted a photo of the letter with the caption: “That feeling when you think ‘we should buy a full page ad in the Times and publish an open letter,’ and then you do.”
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