Facebook Profit Jumps 79% to United States dollars 4.7 Billion in Q3

Facebook earnings

Facebook earnings

The average revenue per daily active user reached $7.51 compared to $5.95 a year ago showing a 26 per cent increase.

Facebook Inc (NASDAQ:FB) reported its third-quarter results on Wednesday which showed the company smashing through expected earnings as the company's $1.59 earnings per share were well above the $1.28 that was expected by analysts. "Protecting our community is more important than maximizing our profits", he said.

The increase in security comes after Facebook, along with other tech giants, Amazon and Twitter, testified before Congress about the Russian ads meddling with the USA 2016 Presidential elections.

Facebook soared beyond Wall Street predictions in the third quarter of 2017, with advertising revenue topping $10bn for the first time and profits hitting $4.7bn.

Chief executive Mark Zuckerberg used the update to reaffirm efforts by Facebook to curb manipulation: "We're serious about preventing abuse on our platforms", he said. In a statement to investors, CEO Mark Zuckerberg said the company is "investing so much in security" that it will impact future profitability.

Facebook shares that ended the day up 1.4 percent to $182.66 but retreating in after-market trades to $179.25.

The analyst added that some investors might be anxious that the probed into Russian Federation meddling with U.S. politics will result in regulation on social networks that might hurt profitability.

Facebook crushed its third-quarter earnings on Wednesday, sending its shares soaring in after-hours trading.

Facebook, Google and Twitter representatives have been testifying before Congress this week as lawmakers try to discover how each company allowed stealth Russian posts and whether there needs to be more regulation of tech companies.

Zuckerberg outlined investment priorities that included video content, which he described as the biggest trend at Facebook. Further breakup of the advertising revenue suggests that mobile advertising contributed around 88%. "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".

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 past year. "We're building AI to go after more different areas of harmful content and finding fake accounts and other bad actors in the system".

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