Facebook's sales increased by 33 percent in the third quarter, despite stagnation in the number of users in the US and Europe indicating the tariffs taken by the social media giant's recent privacy controversies.
Revenue was $ 13.73 billion (about Rs. 1 lakh crores), about $ 40 million shy of analyst expectations. The result increased by 9 percent to 5.14 billion dollars. Facebooks make yo-yoed a bit in aftermarket trading on Tuesday. It has fallen more than 30% since July.
"Our society and business is continuing to grow rapidly, and now more than 2 billion people spend at least one of our services every day," says Mark Zuckerberg, CEO, referring to Facebook-owned Instagram, WhatsApp and Messenger apps. in a press release. "We build the best services for private messages and stories, and there are also great opportunities in video and commerce."
The company's audience continued to stop in the US and Europe. The company had 1
The social network continued to see big gains in the rest of the world, the number of people who log in daily to 1.49 billion. The company does not break down user growth numbers for its other services, including WhatsApp, Instagram or Messenger.
A number of privacy controversies and new regulations weigh on Facebook's one-time financial finances. User growth has slowed down after the privacy scandal in Cambridge Analytica and a large data leak this year, as well as struggling with the company's ability to handle misinformation. At the end of July, executives told investors to expect a decline in growth and revenues, as well as increasing costs associated with adapting to new European privacy and security investments. The forecasts sent shock waves through the market, which caused the Facebook value to fall by more than $ 100 billion, the biggest single-day decline in Wall Street history.
Other tech shares, including Amazon and Google, also saw down in the quarter – a worrying sign that the high-tech technology industry can come down to earth, says Daniel Ives, CEO of Wedbush Securities.
© The Washington Post 2018