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Evening intel: Facebook earnings soar, WSJ layoffs begin, Spotify looks to grow subscribers

Facebook once again proved to Wall Street that it is the undisputed champion of mobile, reporting Q3 revenue of $7.01 billion, 84% of which was attributed to mobile advertising.

• Despite the stellar report, Facebook shares still dropped in after-hours trading after the CFO said he expects a revenue slowdown. 

• Spotify has fired the latest salvo in the fight to grab the big bucks from consumers of streaming music. The company just acquired Preact, a San Francisco-based startup that makes software designed to help subscription-based businesses retain paying customers and find new ones.

• At least a dozen staffers at the Wall Street Journal could get pink slips in the coming days, reports Forbes. The Journal is looking to consolidate the print edition and is moving ahead with layoffs after offering buyouts.

• And finally, the 2016 Fast Company Innovation Festival continued into its second day in New York today. At one of the events, Cher had some harsh words for Donald Trump. Read them for yourself.J