Markets

Mark Zuckerberg Promises Radical Ad Transparency as Facebook Profit Rockets

Mark Zuckerberg Promises Radical Ad Transparency as Facebook Profit Rockets

Revenues of $10.3 billion increased 47% from a year ago and beat expectations of $9.84 billion.

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. Overseas growth in monthly active users - a key metric for Facebook - also looks promising to many analysts.

Third quarter of 2016: Revenue of $7.011 billion, net income of $2.627 billion.

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.

"But none of that matters if our services are used in ways that don't bring people closer together". 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".

He went on to stress that protecting Facebook's community was "more important" than boosting profit.

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

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"We will continue to invest aggressively in the many opportunities we see ahead", Facebook chief financial officer David Wehner said during an earnings call with analysts.

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.

It's worth noting that more than 98 percent of Facebook's revenue comes from advertising, 88 percent of which is from mobile devices.

Softening the sting for investors, the proclamation was delivered directly following the release of a stellar& amp; nbsp;third-quarter earnings report. 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.

For Facebook, the revelation was all the more embarrassing because it had previously estimated that only around 10 million U.S. users had been exposed to Russian disinformation.

Senator Dianne Feinstein of California told the hearing which included lawyers for Facebook, Google and Twitter that the companies need to do more to help combat "cyber warfare".


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