Facebook is sliding after publishing a list of rules about what is and isn't allowed on the platform

Markets Insider

• Facebook published a list of guidelines on objectionable content, violent and criminal behavior, and intellectual property Tuesday morning.
• Shares are down more than 3%.
• Facebook reports earnings after Wednesday's closing bell.

Facebook shares are lower by 3.2% at $160.53 apiece Tuesday after the company published a list of guidelines on objectionable content, violent and criminal behavior, and intellectual property.

The announcement from Facebook is the latest attempt by the social-media giant to distance itself from the Cambridge Analytica data scandal that surfaced in March. Cambridge Analytica, a political-research firm, had illegally accessed roughly 87 million users' data.

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News of the scandal caused Facebook shares to plunge as much as 19.5% in two weeks following, wiping out nearly $100 billion of market cap.

Even before the scandal, Facebook was dealing with a fake news problem. that caused the company to rejigger its algorithm in order to prioritize friend-related and personal content over news.

Facebook reports its first-quarter results after Wednesday's closing bell. Wall Street is expecting the company to earn $1.38 a share on revenue of $11.41 billion.

Facebook is down 11.89% for the year.