Economy

Facebook's Q3 earnings exceed expectations, but Russian Federation issues may harm future profit

Facebook's Q3 earnings exceed expectations, but Russian Federation issues may harm future profit

Facebook's stock rallied throughout much of the day yesterday, and even hit a record high of $182.69 a share-despited a series of hearings on Capitol Hill this week during which the company was grilled by Congress about its Russian Federation problem. "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.

Expenses rose to $5.2 billion from $3.9 billion in the same quarter previous year, and headcount at the company was up 47 percent to 23,165 employees.

Facebook CEO Mark Zuckerberg did a "masterful" job discussing the impact of Russia's election meddling during the company's post-earnings conference call, CNBC's Jim Cramer said Thursday. "Protecting our community is more important than maximizing our profits", Zuckerberg told journalists after the company reported third-quarter earnings.

As it turns out, contained in Facebook's 2.07 billion users per month (1.4 billion daily active users) are around 207 million duplicate accounts - more users than Snapchat has in total and early two thirds of Twitter's users.

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The number of employees working at Facebook has skyrocketed during the past year.

"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", Zuckerberg said to investors.

Advertising served up on smartphones or tablets accounted for about 88 percent of revenue taken in from marketing messages in the quarter, Facebook reported.

That is due to a 16 per cent growth in its daily active users over the year and 3.8 per cent increase quarter-over-quarter touching 1.37 billion mark.

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Revenue from Apple's suite of services, meanwhile, came in at $8.5 billion, a solid 34% increase from the year-ago quarter. The company gave investors a guidance $84 billion to $87 billion in revenue for the current quarter.

Lawmakers were quick to say it appeared Facebook's first priority was its business as opposed to national security. In the third quarter of 2017, Facebook incurred capital expenditure of $1.76bn.

The company said it would hire 10,000 people to monitor content and ads, though some will be contractors.

Like any good engineers, Zuckerberg and his team will work their way out of the fog to calmer waters by doubling down on accuracy.

In Facebook's earning report, released Wednesday, between all of the financial information was a statistic that the platform gained over 60 million users in Q3 2017.

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The corollary of this is that while the ability to identify real or fake users can be used to combat fraud, electioneering or tampering by bad actors, it can also identify real people to boost the effectiveness of advertisers' campaigns.