Facebook quarterly profit leaps 79 per cent to Dollars 4.7 billion

Alicia Cross
November 3, 2017

The company reported third-quarter net income of $4.7 billion, or $1.59 a share, compared to $2.63 billion, or 90 cents a share, in the year-ago period.

The social network grew its daily active users to 1.37 billion, a 50 million user increase from the previous quarter. The latest user numbers: Facebook daily active users were up 16% to 1.37bn, while monthly active users were up 16% to 2.07bn.

Still, considering its revenue rose almost 50% to $10.3 billion, this past quarter, Facebook has money to burn.

The increase in security comes after Facebook, along with other tech giants, Amazon and Twitter, testified before Congress about the Russian ads meddling with the US 2016 Presidential elections.

"Our community continues to grow and our business is doing well", said CEO Mark Zuckerberg in a statement stating the obvious. Further, Zuckerberg said that they are very serious about preventing abuse on Facebook Inc (FB), and that is why the company is investing so much in security that "it will impact our profitability. Protecting our community is more important than maximizing our profits", he said.

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

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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.

The analyst added that some investors might be anxious that the probed into Russian Federation meddling with U.S. politics will result in regulation on social networks that might hurt profitability.

On Tuesday, Facebook's general counsel Colin Stretch testified to Congress that 126 million U.S. users may have seen fake news or political advertisements bought by Russian Federation in 2016.

It's worth noting that more than 98 percent of Facebook's revenue comes from advertising, 88 percent of which is from mobile devices. Facebook also said that the ads possibly reached over 126 million Americans.

The hearing was the second in Congress this week in which social media and internet firms have been called to explain how fake news and other disinformation was allowed to spread during the election campaign. During the earnings call, Zuckerberg noted that they are making large-scale efforts in video content, artificial intelligence and virtual reality, among other areas.

Other reports by Free-Prsite

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