Facebook claims future profits to decline fighting fake news & Russian 'propagandists'

Here's What The Last 12 Months Looked Like For Facebook

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.

The number of monthly active users at the social network continued to grow, reaching 2.07 billion, an increase of 16 percent from the same time previous year. Third-quarter ad revenue rose 49% to $10.1 billion, beating the consensus of $9.71 billion.

"But none of that matters if our services are used in ways that don't bring people closer together". This is due to the company's commitment to prevent abuse on its platform.

He added by saying, " We're investing so much in security that it will impact our profitability. "Protecting our community is more important than maximizing our profits", Zuckerberg told journalists after the company reported third-quarter earnings.

According to Tech Crunch, Facebook's share price closed at $182.66 prior to the earnings announcement and climbed 1.28 per cent in after-hours trading.

Here is a look at each of Facebook's earnings report dating back to the third quarter of 2016, courtesy of Statista.

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.

Mobile advertising revenues continue to be dominant contributor to ad revenues as it represented 88 percent of advertising revenue for the quarter, up from 84 percent a year ago. "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".

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. And they used them to try to undermine our values.

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.

"For those who have followed Facebook, you know that when we set our minds to something, we're going to do it".

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