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LinkedIn Hit with 310 million Euro Fine for Data Privacy Violations from Irish Watchdog

The logo for LinkedIn Corporation, a social networking website for people in professional occupations, is pictured in Mountain View, California February 6, 2013. REUTERS/Robert Galbraith
The logo for LinkedIn Corporation, a social networking website for people in professional occupations, is pictured in Mountain View, California February 6, 2013. REUTERS/Robert Galbraith
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LinkedIn Hit with 310 million Euro Fine for Data Privacy Violations from Irish Watchdog

The logo for LinkedIn Corporation, a social networking website for people in professional occupations, is pictured in Mountain View, California February 6, 2013. REUTERS/Robert Galbraith
The logo for LinkedIn Corporation, a social networking website for people in professional occupations, is pictured in Mountain View, California February 6, 2013. REUTERS/Robert Galbraith

European Union regulators slapped LinkedIn on Thursday with a 310 million euro ($335 million) fine for violations of the bloc's stringent data privacy rules.

Ireland's Data Protection Commission reprimanded the Microsoft-owned professional social networking site over concerns about the “lawfulness, fairness and transparency” of its personal data processing for advertising purposes, according to The AP.

The Dublin-based watchdog is LinkedIn's lead privacy regulator in the 27-nation EU because that's where the company's European headquarters is based.

The watchdog said it carried out an investigation that found LinkedIn did not have a lawful basis to gather data so it could target users with online ads, which is a breach of the privacy rules known as General Data Protection Regulation, or GDPR. It ordered LinkedIn to comply with the rules.

Processing personal data “without an appropriate legal basis is a clear and serious violation” of the right to data protection in the EU, Deputy Commissioner Graham Doyle said in a statement.

LinkedIn said it that while it believes it has been “in compliance” with the rules, it's working to ensure its “ad practices” meet the requirements.

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Dell Forecasts Downbeat Fourth-Quarter Revenue on PC Weakness

The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)
The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)
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Dell Forecasts Downbeat Fourth-Quarter Revenue on PC Weakness

The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)
The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)

Dell forecast fourth-quarter revenue below Wall Street expectations on Tuesday, weighed down by weaker demand for its traditional PCs and competition from rival server makers, sending its shares down more than 10% in extended trading.

Despite booming demand for the company's AI-optimized servers used to handle large artificial intelligence workloads, Dell's PC segment has been grappling with stiff competition from rivals and weak consumer spending amid an uncertain economy.

Enterprise customers are being mindful of their PC and IT spending in the short term, Dell executives said on a post-earnings conference call, adding that the company's consumer business was weaker than expected.

Dell forecast fourth-quarter revenue between $24 billion and $25 billion. The average analyst estimate is $25.57 billion, according to data compiled by LSEG.

"The entire PC market is in a transition period and moving towards on-device AI functionality which still isn't that defined and is expected to solidify in 2025," Gadjo Sevilla, senior analyst for AI and Tech at Emarketer, said.

Revenue from Dell's client solutions group, which houses its PC business, came in at $12.13 billion, below expectations of $12.43 billion.

Rival PC maker HP also provided a weak first-quarter profit forecast, while electronics retailer Best Buy trimmed its annual forecasts against the backdrop of weak consumer electronics demand.

Investors are also keenly eyeing Dell's costs after the company flagged in May that higher expenses to build AI-heavy servers and competitive pricing would hurt its margins.

"Interest in our portfolio is at an all-time high, driving record AI server orders demand of $3.6 billion in Q3 and a pipeline that grew more than 50%," Dell's Chief Operating Officer Jeff Clarke said on Tuesday.

Revenue from the company's infrastructure solutions group unit, which houses its AI servers business, rose 34% to $11.37 billion and beat estimates.

Dell reported revenue of $24.37 billion in the third quarter, missing estimates of $24.67 billion.