Facebook Allowed Some Accounts to be Accessed Without a Password
As if Facebook didn't have enough problems, according to an article by the BBC which reported information from the Hacker News website, accounts at Facebook (FB) have been accessible without a password. However, the company acted right away in closing this loophole. Apparently, hackers could see the email addresses of Facebook users. The problem related to a feature that allowed users quickly log back in to Facebook. First, Facebook, which trades on NASDAQ, was hit with a poorly performing IPO after-market. Then it turned out that the major investment bankers had reduced their earnings forecasts for Facebook during the IPO roadshow, including Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS). It was then hit with securities investigations and lawsuits began developing. The stock is now down around 44% from its original trading price. Facebook trades at 110 times trailing earnings and 33 times forward earnings. Year-over-year revenues for the latest quarter were up 32.3%. The stock holds over $10.45 billion in cash, with $902 million in total debt.