South Korea Fines Meta about $15 Mln over Collection of User Data

A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. (Reuters)
A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. (Reuters)
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South Korea Fines Meta about $15 Mln over Collection of User Data

A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. (Reuters)
A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. (Reuters)

South Korea has ordered Facebook owner Meta Platforms to pay 21.62 billion won ($15.67 million) in fines after finding it had collected sensitive user data and given it to advertisers without a legal basis, Seoul's data protection agency said.

The US tech giant obtained information from about 980,000 South Korean Facebook users on issues such as their religion, political views and sexuality while failing to seek agreement from users, the Personal Information Protection Commission said in a statement on Tuesday.

The information was then used by some 4,000 advertisers, the agency said.

A Meta Korea official declined to comment.

"Specifically, it has been found that (Meta) analyzed user behavior data such as pages they liked and advertisements they clicked on Facebook and created and managed advertising themes related to sensitive information," the commission said.

This included users being categorized for example as being North Korean defectors or following a certain religion, the agency said.

Meta had also unfairly declined a request by users to access personal information and failed to prevent data on about 10 South Koreans from being leaked by hackers, the agency said.



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.