By BARBARA ORTUTAY and KELVIN CHANAP Business Writer
In fallout from Facebook paper Facebook reported on Monday that profits have increased in the last quarter in a document supporting the claim that social networks value financial success over user safety.
The company’s latest financial show follows both the avalanche of reports on Facebook Papers, a huge pile of edited internal documents obtained by a consortium of news organizations, including the Associated Press. Facebook Whistleblower Frances Haugen’s Testimony To a British lawmaker.
According to Facebook, July-September net income increased 17% to $ 9.19 billion, or $ 3.22 per share. This is underpinned by strong advertising revenue. That’s an increase from $ 7.85 billion a year ago, or $ 2.71 per share. Revenue increased 35% to $ 29,010 million. According to a FactSet poll, analysts expected an average of $ 3.19 per share and $ 24.49 billion in revenue.
Facebook’s share price rose $ 3.90 (1%) in after-hours trading to $ 332.43. That day was closed 1%.
Haugen told the British Parliamentary Commission on Monday that social media giants have caused online hatred and extremism, unable to protect children from harmful content, lacking incentives to solve problems, and more than high-tech companies. He said it is giving momentum to the efforts of the European government, which is working on strict regulations.
Facebook profits rise in Facebook Papers findings | World
Source link Facebook profits rise in Facebook Papers findings | World