Facebook Reports $10.3 Billion in Revenues

Nov 04, 2017, 01:03
Facebook Reports $10.3 Billion in Revenues

Facebook's quarterly revenue broke the $10 billion mark for the first time.

Within the small print of the social network's impressive results, it has emerged that 10% of its 2.07bn monthly users are now thought to be duplicates of real users, or nearly double its previous estimate of 6% in the previous quarter.

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. CEO Mark Zuckerberg claimed that focusing on security will definitely have an impact on the company's bottom line, stating that "We're serious about preventing abuse on our platforms". "But none of that matters if our services are used in ways that don't bring people closer together. It may be harder than we realize upfront, it may take longer, and we won't be flawless, but we will get it done", he told investors.

Zuckerberg said that his company is working with other tech companies to help identify and respond to new threats as part a much bigger focus on protecting the security and integrity of the platform and the safety of the community.

Investor enthusiasm may have been tempered by rising costs at the California-based internet giant and executives stressing the company is firmly in "investment mode" while predicting ad growth will slow.

"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 U.S. politicians over its role in the last presidential election. Revenues were up 47% from a year ago.

While the 10% figure is relatively small compared to Facebook's massive network of users around the world, it still equates to roughly 207m duplicate accounts - quite apart from its additional 60m "fake" accounts. These workers won't all be full-time at Facebookand will include contractors. Monthly users rose 16 per cent to 2.07 billion.

Facebook reported cash available of $38.2 billion at the end of the quarter. "We now discovered, in the last 48 hours, 120,000 Russian-based posts on Instagram", Stretch told the Senate Intelligence Committee hearing. Lawmakers criticized Facebook for not doing more to stop Russians from interfering in American political discourse.

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