Facebook revenues up 47% while net profit grows by 79%

03 November, 2017, 00:14 | Author: Elaine Woods
  • Facebook

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

Facebook Inc (NASDAQ:FB) reported its third-quarter results on Wednesday which showed the company smashing through expected earnings as the company's $1.59 earnings per share were well above the $1.28 that was expected by analysts.

Chief executive Mark Zuckerberg used the update to address criticism of Facebook for allowing disinformation and manipulation during the 2016 USA presidential election, hours after the company's top lawyer faced a grilling at a Washington congressional hearing.

"Our community continues to grow and our business is doing well", said Mark Zuckerberg, Facebook founder and CEO. The company also said it will significantly increase spending on security and expects this to drag down profitability going forward.

"I would note that, compared to a year ago, price is a much more important driver of our ads revenue growth", Facebook CFO David Wehner said. Analysts surveyed by FactSet had estimated $1.28 a share on revenue of $9.85 billion.

With apparently no influence of the ongoing hearing regarding its role in Russian Federation meddling, Facebook late on Wednesday published its financial results for the quarter that ended on September 30, reporting that its profitability hit $4.7 billion mark and earned $10.3 billion in revenue compared to an estimate of $9.84 billion.

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But Facebook's investment in platform security goes far beyond that, as Zuckerberg explained on Wednesday. The latest user numbers: Facebook daily active users were up 16% to 1.37bn, while monthly active users were up 16% to 2.07bn.

Investors, however, it seems did not like the profitability outlook as the stock was down in after-hours trading despite the fantastic earnings report.

Facebook has acknowledged that its growth rate is slowing down, but now the company is shifting its focus to increase user engagements with videos and its new subscription platform, which can generate even more profits.

Facebook general counsel Colin Stretch told a hearing that Instagram posts by suspect Russian accounts were seen by some 20 million Americans previous year. The Senate Intelligence Committee has also questioned representatives from Google and Twitter. Facebook's advertising policies, however, have been under constant fire over the past few months after the revelation of Russian sponsored ads to induce differences between Americans during the Presidential elections.

"I asked specific questions, I got vague answers, and that just won't do", she told the companies. "You've created these platforms, and now they are being misused, and you have to be the ones to do something about it, or we will".

The one challenge the popular social media website faces is how it will be able prevent fake news, and how that could impact the company's operations. What they did is wrong and we're not going to stand for it.

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