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Facebook Profit Jumps 79% to Dollars 4.7 Billion in Q3
04 November 2017, 12:16 | Mandy Simon
Facebook's targeted ads seen driving quarterly revenue 40 percent higher though profit is rising more slowly as it spends moreMore
Facebook has announced another strong set of quarterly financials, with the company's revenues growing by 47% year-on-year to $10.33bn in the third quarter of 2017. 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.
"Our community continues to grow and our business is doing well", said Mark Zuckerberg, Facebook founder and CEO. But none of that matters if our services are utilized in ways that do not bring people closer together. 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". "I've directed our team to invest so much in security on top of the other investments we're making it will significantly impact our profitability going forward". The profits of the firm can be attributed to online ads in the third quarter and topping investor forecasts. "We're bringing the same intensity to these security issues that we've brought to any adversary or challenge that we've faced", Zuckerberg said.
"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".
Facebook made this comment before U.S. Senators, who were also questioning Alphabet and Twitter regarding Russian interference in last year's elections.
Ad revenue saw a 49 per cent year-on-year (YoY) increase compared to Q3 2017, with mobile ad revenue representing around 88 per cent of that total.
In addition, about 2-3% of its monthly users in the third quarter were fake, or "user-misclassified and undesirable accounts" - up from 1%, as previously reported.
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.
Facebook reported cash available of $38.2 billion at the end of the quarter. "This goes both for sharing, where we've seen Stories in Instagram and Status in WhatsApp grow very quickly, each with more than 300 million daily actives, and also for consuming video content".
The company plans to hire more people to police dubious content, doubling the number of such staff to 20,000.
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