Amid fallout from Facebook Papers documents supporting claims that the social network has valued financial success over user safety, Facebook on Monday reported higher profit for the latest quarter
Amid fallout from the Facebook Papers documents supporting claims that the social network has valued financial success over user safety, Facebook on Monday reported higher profit for the latest quarter.
The company's latest show of financial strength follows both an avalanche of reports on the Facebook Papers a vast trove of redacted internal documents obtained by a consortium of news organisations that included The Associated Press but also of Facebook whistleblower Frances Haugen's testimony to British lawmakers.
Facebook said its net income grew 17 per cent in the July-September period to USD 9.19 billion, or USD 3.22 per share, buoyed by strong advertising revenue. That's up from USD 7.85 billion, or USD 2.71 per share, a year earlier. Revenue grew 35 per cent to USD 29.01 billion. Analysts, on average, were expecting earnings of USD 3.19 per share on revenue of USD 24.49 billion, according to a poll by FactSet.
Menlo Park, California-based Facebook's stock price climbed USD 3.90, or 1 per cent , to USD 332.43 in after-hours trading. It had closed up 1 per cent for the day.
The company predicted uncertainty for 2021 back in January, saying its revenue in the latter half of the year could face significant pressure. Because revenue grew so quickly in the second half of 2020,...
Read Full Story: https://www.nationalheraldindia.com/science-and-tech/facebook-profits-rise-amid-facebook-papers-findings
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