Facebook's revenue gained 33 percent in the third quarter, in spite of stagnation in the number of users in the USA and Europe that indicates the toll taken by the social media giant's recent privacy controversies.
Total revenue jumped 33% to $13.73 billion for the three months ending in September, but fell short of analysts' expectations. Meanwhile the latest quarterly numbers show profits up 9% to around $5 billion on revenues up 33% to $13.73 billion. "With 2.27 billion monthly active users, it is still the platform where most consumer engagement with brands is happening online".
Every day around the world more than two billion people use at least one of the resources of the company Facebook. It is also building a stable of original programming on Facebook Watch, its video service, to engage users, as well as working on efforts like an e-commerce marketplace, a jobs service and a dating service, he said.
We call on you to take up this historic opportunity to tell parliamentarians from both sides of the Atlantic and beyond about the measures Facebook is taking to halt the spread of disinformation on your platform, and to protect user data. Shares were up about 1.5 percent in after-hours trading.
But investors must have liked what they saw this afternoon, as shares perked up a bit in after-hours trading after a slight dip. "We will never be flawless, but I'm proud of the work we've been doing here".
Fans and esports insiders are blaming the lack of viewership on Twitch dominance and, at the same time, the poor marketing on Facebook's part.
However, Zuckerberg acknowledged that ads in Stories don't make Facebook as much money as ads in News Feed, and revenue growth may be "slower" during the transition period, which he compared to the shift to mobile from desktop. Facebook changed how it counts users, and without that update MAUs would have been 2.28 billion in the period, it said.
The UK and Canada are joining forces to give Mark Zuckerberg another chance to not answer questions from their politicos, but the Facebook CEO already has plenty of other problems to deal with.
After the company's last financial results in July when Facebook said it expected revenue growth to slow and costs to rise, more than £90 billion was wiped off the company's value and is still to recover. Total costs and expenses came in at $7.9 billion in the quarter, which is up substantially to 53-percent year-over-year.
With the myriad problems Facebook is facing, that passes for good news these days.
Zuckerberg said the company's security systems will get "to where we generally think [they] should be at" by the end of 2019.
Shares (Berlin: DI6.BE - news) in Facebook, down 20% in the year to date ahead of Tuesday trading, rose nearly 3% in the regular trading session on Wall St just before the status update was revealed.
Monthly and daily users of the main Facebook app compared with last quarter were up 10 per cent to 2.27 billion and up 9 per cent to 1.49 billion, respectively. During its earnings call, the company said 2019 will be a year of significant investment in the "arms race" against security breaches, fake news, and inappropriate content.
Gleicher said there was overlap with accounts taken down earlier this year and linked to Iran state media, but the identity of the culprits had yet to be determined.