Facebook will buy the popular photo-sharing app Instagram for 1 billion dollars only days after Instagram's Android app launch.  Facebook chief Mark Zuckerberg says he plans to add new features but keep the service largely independent so users can maintain separate friend lists and privacy options on the two services.

Verizon, Sprint, AT&T and T-Mobile are teaming up with the U.S. FCC to combat phone thefts by sharing and storing stolen device information in a central database.  This program will immediately disable and block stolen devices and later add the information into the database.  This will take effect in 6 to 18 months.

Sony expects its net loss to be more than double what it estimated 2 months ago for the fiscal year ending March 31.  The company says the net loss of 6.4 billion dollars is a result of large one-time tax expenses generated overseas.  President Hirai will address this and company job cuts on Thursday.

HP announced it will add a series of open source-based cloud services and network automation capabilities to its hardware products in an effort to compete with Amazon Web Services.  Its public cloud, called HP Cloud Services, will launch in May.