Facebook Reports $10.3 Billion in Revenues

by Dwayne Torres November 4, 2017, 0:14
Facebook Reports $10.3 Billion in Revenues

Despite repeated warnings that revenue growth would decelerate meaningfully in the second half of the year as growth in ad load slowed, Facebook's third-quarter year-over-year ad revenue growth actually accelerated, rising from 47% in Q2 to 49% in Q3.

Facebook's third-quarter profit and sales exceeded Wall Street expectations, however the social media giant's shares slid after it admitted that 2018 expenses would rise 45% to 60%, outpacing expected sales.

But CEO Mark Zuckerberg sounded a warning note, after a hard few weeks of debate around the role of rogue Russian actors trying to influence the last USA presidential election through Facebook ads and posts. "But none of that matters if our services are used in ways that don't bring people closer together".

During the call Wednesday, the Facebook chief said the company plans to boost spending to police content, adding he is "dead serious" about preventing abuse on its platform.

Protecting the Facebook community is more important than "maximizing our profits," Zuckerberg said on the call. "What they did is wrong, and we're not going to stand for it", Zuckerberg said.

John Podesta: 'I'm the Victim' of Donald Trump's 'Big Lie'
According to the indictment , the lobbying firms were paid $2 million from offshore accounts controlled by Manafort. President Trump tweeted earlier today that Democrats are "in a dither" over the Podesta controversy.

"Sometimes it just takes a trigger event to cause a bunch of people to take their profit and go someplace else, especially if they have decided this is as good as it is going to get at Facebook for a while".

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

Perhaps most curious was that these duplicate accounts weren't fake or bots - they were legitimate accounts owned by users who already had an account, with "real activity and engagement" on the platform. Zuckerberg outlined investment priorities that included video content, which he described as the biggest trend at Facebook. Daily active users amount to 1.37bn, up 16pc on a year ago.

Appearing in front of a Senate judiciary subcommittee, Facebook confirmed reports that ads bought in Russian Federation were delivered to an estimated 126m people during last year's election campaign. The quarterly earnings report was released as Facebook and other internet titans testified this week before Congress about a Russian-led effort to spread misinformation and sow discord ahead of the 2016 USA election.

Facebook says that 10,000 people work on safety and security today, and it will double those teams by the end of next year. The Senate Intelligence Committee has also questioned representatives from Google and Twitter. The latest data on Instagram is on top of the estimated 126 million Americans exposed to Facebook posts from Russian entities seeking to create divisions during the election campaign.


TOP News

Mueller Has Filed the First Charges in the Russia Investigation
The investigation is also looking into allegations that Trump obstructed justice when he fired Comey. A senior Trump official said Saturday that the White House will have "no comment" about the charges.

Trump calls for extreme vetting — NYC TERROR ATTACK
ET on October 2. "I think there's a difference between being a candidate and being the President", she had said . Donald Trump responded to the deadly attack in NY in typical fashion on Tuesday, via Twitter .

Man United's incredible defensive record at Old Trafford following Spurs shutout
Manchester United's win lifted them up to second place in the table and two points behind leaders Manchester City, who face West Brom later on Saturday.

Facebook quarterly profit leaps 79 per cent to United States dollars 4.7 billion
Zuckerberg outlined investment priorities that included video content, which he described as the biggest trend at Facebook . Revenues for the quarter surged 47 percent to $10.33 billion from $7.01 billion past year .

Samsung Experience 9.0 beta launched
Meanwhile, Samsung is offering $200 in Samsung Pay credit when you pick up the phone at T-Mobile as an extra incentive. The biggest reason to update your Samsung phone to the latest version of Android is probably for the emoji.

Nadal 'Never Dreamed' Of Year-End Top Spot
Nadal sat out last week's event in Basel to rest his knees after a successful hard-court season and put in a patchy performance. Earlier on Wednesday, fourth seed Alexander Zverev was dumped out by Haase in a 3-6, 6-2, 6-2 second-round defeat.

Patriots hold on to beat Chargers, 21-13
After a touchdown pass from Tom Brady to Rob Gronkowski tied the game, the Chargers went three-and-out before forcing a punt. Gostkowski would redeem himself with a 21-yard field goal with 1:08 left to play in the game to put the Patriots up 21-13.

Broadcom is reportedly interested in purchasing Qualcomm
Qualcomm, in suing Apple, says it is not obligated to license those like to does with industry standard technology. Qualcomm declined to comment, while Broadcom did not immediately respond to a request for comment.

Jose Mourinho admits he's 'worried' about Man United star's contract situation
Jose Mourinho said after the game on Tuesday he is not hopeful that either Paul Pogba or Marouane Fellaini will be ready to return.

Softbank ready to call off Sprint-T-Mobile merger talks
The decision was made 30 October to call the talks off, and Deutsche Telekom would be informed the following day, the report said. T-Mobile has been making market share gains since launching its Un-carrier strategy a few years ago.