{"id":367631,"date":"2017-11-02T07:05:35","date_gmt":"2017-11-02T07:05:35","guid":{"rendered":"http:\/\/citifmonline.com\/?p=367631"},"modified":"2017-11-02T07:05:35","modified_gmt":"2017-11-02T07:05:35","slug":"facebook-ad-revenue-tops-10bn","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/11\/facebook-ad-revenue-tops-10bn\/","title":{"rendered":"Facebook ad revenue tops $10bn"},"content":{"rendered":"

Facebook profits soared in the third quarter as it brought in more than $10bn from advertising.<\/p>\n

The firm said profits were $4.7bn (\u00a33.5bn) in the three months to the end of September, up 80% year-on-year.<\/p>\n

Chief executive Mark Zuckerberg told investors the firm’s investments in security would “impact” profitability.<\/p>\n

US lawmakers are examining the possible use of the platform for Russian propaganda activities during the 2016 US presidential election.<\/p>\n

“We’re serious about preventing abuse on our platforms,” Mr Zuckerberg said. “Protecting our community is more important than maximising our profits.”<\/p>\n

Washington hearings<\/strong><\/p>\n

Mr Zuckerberg last year said the idea that fake news on Facebook influenced the election was “pretty crazy”.<\/p>\n

On Wednesday, the firm said almost 150 million people may have seen Russian propaganda efforts.<\/p>\n

Facebook shared the figure during two days of tense questioning in Washington.<\/p>\n

Lawmakers, who are eyeing increased regulation of internet companies, pressed for increased disclosure around political ads, as well as information about how the firm polices false content.<\/p>\n

Mr Zuckerberg did not attend the hearing, but he discussed the matter on a conference call with financial analysts.<\/p>\n

“What [Russia] did is wrong and we are not going to stand for it,” he said.<\/p>\n

“People do not want false news or hate speech or bullying… To the extent that we can eradicate that from the platform, we will create a better product.”<\/p>\n

The firm’s general counsel told lawmakers the company was focused on protecting the “authenticity” of activity. But he conceded that it would be a tough task.<\/p>\n

Facebook had 2.07bn monthly active users at the end of September, up 16% year-on-year.<\/p>\n

Duplicate accounts represent about 10% of those – higher than previous estimates, executives said.<\/p>\n

It also had more than six million active advertisers, chief operating officer Sheryl Sandberg said on a call with investors.<\/p>\n

Looking forward<\/strong><\/p>\n

Those advertisers, many of them small and medium-sized businesses, helped lift total Facebook revenue 47% year-on-year to $10.3bn. That included $10.1bn from ads.<\/p>\n

The firm said it expected ad prices to increase, driving future growth. But it warned that the pace of expansion had been slowing.<\/p>\n

The firm also said it expected expenses to increase between 45% and 60% in 2018.<\/p>\n

Facebook said it was investing in security initiatives, new technology and video.<\/p>\n

In the Washington hearings, Facebook said 10,000 people were working on the platform’s safety and security and it expected that number to double by the end of 2018.<\/p>\n

Many of those people work for “partners”, the firm told analysts. Facebook employed about 23,165 people at the end of September.<\/p>\n

The firm said it was also tightening it standards for ads, including those focused on charged political issues.<\/p>\n

“We believe that ads are important to free expression… but we will also do our part to elevate the quality of that discourse,” Ms Sandberg said,<\/p>\n

Shares in the firm fell about 1.5% in after-hours trade.<\/p>\n

–<\/p>\n

Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"

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