Fortune’s curated selection of tech stories from the last 24 hours. Sign up to get the round-up delivered to you each and every day.
“I don’t think you understand. We can’t treat newspapers or magazines any differently than we treat FarmVille.” — Apple (AAPL) senior vice president Eddy Cue on the company’s 30% revenue cut via iTunes (The Wall Street Journal)
* Zynga’s (ZNGA) contributions to Facebook’s overall revenues declined from 19% last year to 15% this year. In the social network’s amended S-1, filed yesterday, it also revealed some updated stats, including 901 million million monthly active users and 500 million mobile users. As for that much-hyped Instagram acquisition, Facebook paid $300 million in cash, plus 23 million shares, valuing the overall deal at $1.01 billion. (TechCrunch)
* Why are Google (GOOG) and Facebook struggling on the mobile front? The New York Times argues both company’s huge perks may actually be hurting their ability to innovate. (The New York Times)
* Netflix (NFLX) raked in $870 million in sales last quarter and added 3 million new subscribers to its streaming service, Netflix Instant, bringing the total number of users to 26 million. Despite the good news, Netflix shares dropped $15% due to a weak outlook for the next quarter: the company expects revenues of between $873 million and $895 million, lower than analyst predictions. (The Verge and CNNMoney)
* Intel (INTC) unveiled its third-generation of Core processors, named Ivy Bridge. The new chips promise faster performance and lower power consumption. (Fortune)
* Quora is no longer just a Q&A site brimming with insider-y Silicon Valley discussions. The company released a breakdown of site topics, with food and entertainment and politics and social sciences coming in second and third, respectively. (AllThingsD)
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