Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Facebook To Buy Instagram For About $1 Bln

Social networking giant Facebook Inc. said Monday that it has agreed to buy Instagram, a photo-sharing app for smartphones, for about $1 billion in cash and stock.

The deal is expected to close later this quarter.

This is the biggest ever acquisition for Menlo Park, California-based Facebook, which is in the process of going public in an initial public offering that will raise as much as $10 billion.

Instagram is a free photo sharing application that allows users to take a photo, apply a digital filter, then share it on a variety of social networking services. Instagram now has more than 30 million registered users.

Facebook CEO Mark Zuckerberg said, "For years, we've focused on building the best experience for sharing photos with your friends and family. Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests."

"We believe these are different experiences that complement each other. But in order to do this well, we need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook," Zuckerberg added.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Home goods retailer Bed Bath & Beyond Inc. said Tuesday after the markets closed that its second quarter profit fell 10% from last year, as higher costs and expenses more than offset a 4.3% increase in sales. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly sales. At the same time, With lawmakers failing to address corporate tax reform before adjourning for the campaign season, the Treasury Department announced Monday that it is taking targeted action to reduce the tax benefits of corporate tax inversions. Technology giant Apple, Inc. announced Monday it has set a new record for first weekend sales of iPhone 6 and 6 Plus, having breached the 10 million mark within just three days of its sales launch on September 19. Sales came from the U.S., Australia, Canada, France, Germany, Hong Kong, Japan, Puerto Rico, Singapore and the UK over the weekend.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.