Facebook's Q3 Beats Expectations but Focus on Security Will Impact Future Results

Quarterly Results of Facebook and Tesla

Facebook's Q3 Beats Expectations but Focus on Security Will Impact Future Results

Facebook Inc. said its third-quarter net income was $1.59 per share, topping expectations.

Instagram also hit a big milestone this quarter, now with 500 million daily actives, shared Mark Zuckerberg, the co-founder CEO of Facebook, during a conference call.

"None of that matters if our services are used in ways that don't bring people closer together - or if the foundation of our society is undermined by foreign interference", he said in the post.

He said Facebook is working to strengthen the security of its social-media platform that "goes beyond elections".

"I've directed our teams to invest so much in security on top of the other investments we're making that it will significantly impact our profitability going forward", Zuckerberg said, "and I wanted our investors to hear that directly from me".

"Protecting our community is more important than maximizing our profits", Zuckerberg said in a statement.

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. "Because what most people had been afraid of what that he was going to say he was going to boost security, but it would have no impact on earnings". Intense words, although perhaps what you would get out of a CEO on a day when more than one lawmaker threatened to more greatly regulate Facebook if it couldn't police itself well enough to prevent intervening in US elections. According to the results, 10pc of Facebook's 2.07bn monthly users are duplicate accounts. This includes the already growing video sharing activities on Facebook's Instagram and WhatsApp, and content consuming through the recently-launched Watch tab, where users can watch shows like on traditional television.

Our community continues to grow, now with almost 2.1 billion people using Facebook every month, and almost 1.4 billion people using it daily.

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.

More than 98 percent of Facebook's revenues comes from advertising.

The company confirmed it would double the number of workers dedicated to keeping fake news and hate speech off its sites by the end of next year - in all close to 20,000 staff. Lawmakers criticized Facebook for not doing more to stop Russians from interfering in American political discourse.

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