Finance

Facebook quarterly profit leaps 79 per cent to Dollars 4.7 billion

Facebook quarterly profit leaps 79 per cent to Dollars 4.7 billion

Facebook crushed its third-quarter earnings on Wednesday, sending its shares soaring in after-hours trading.

Facebook CEO Mark Zuckerberg was similarly optimistic about video: "Over the next three years, the biggest trend in our products will be the growth of video".

Founder and chief executive Mark Zuckerbarg said that while the business was "doing well", its focus was on making sure its services weren't being used to drive communities apart.

Still, as Facebook watchers note, the company's inability to cure its troll problem will ultimately cost it more in profits than any short-term security investment.

For Facebook, the revelation was all the more embarrassing because it had previously estimated that only around 10 million U.S. users had been exposed to Russian disinformation. Facebook's average quarterly revenue per daily active user is now $7.54 - the highest in its history. "Protecting our community is more important than maximizing our profits." said Zuckerberg.

"We are serious about preventing abuse on our platforms". Earnings per share were $1.59, above the $1.28 a share expected.

The world's number one social network along with Twitter and Google is under pressure from U.S. politicians over its role in the last presidential election.

Facebook is having a great day following the release of its Q3 earnings report, which gave investors lots of news to be happy about, including significant growth in overall and advertising-related revenues.

But Facebook's investment in platform security goes far beyond that, as Zuckerberg explained on Wednesday.

Advertising served up on smartphones or tablets accounted for about 88 percent of revenue taken in from marketing messages in the quarter, Facebook reported. "Facebook plans to raise the standards of transparency for political ads on the site, rolling out a tool to let users see all of the ads a page is now running, and also an archive of political ads the advertiser has run in the past".

Instagram Stories and WhatsApp Status, 2 ephemeral messaging products Facebook mostly cribbed from Snapchat, have actually both now exceeded 300 million monthly active users, making them nearly twice as popular as all of the Snapchat. The Senate Intelligence Committee has also questioned representatives from Google and Twitter. And they used them to try to undermine our values. "What they did is wrong, and we are not going to stand for it".


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