The company’s third-quarter profit soared 79% in the third quarter, to $4.71 billion, while its revenue grew 47% to $10.33 billion. CEO Mark Zuckerberg said the company is “serious about preventing abuse” and that its investments in security will affect its profitability.
NEW YORK (AP) — Facebook CEO Mark Zuckerberg said on Wednesday that the company is “serious about preventing abuse” and that its investments in security will affect its profitability.
The company’s third-quarter profit soared 79 percent in the third quarter, to $4.71 billion.
Facebook’s top lawyer has spent the past two days testifying to Congress alongside executives from Twitter and Google about Russia-linked accounts’ manipulation of their platforms.
Facebook Inc. said its third-quarter net income was $1.59 per share, topping expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of $1.29 per share.
Facebook continued racking up users. Monthly users rose 16 percent to 2.07 billion. Daily users also climbed 16 percent to 1.37 billion.
Revenue from mobile ads made up 88 percent of total ad revenue, up from 84 percent a year ago.
Facebook shares added 1.1 percent to $184.60 in after-hours trading. Through the close of regular-session trading Wednesday, the stock was up 59 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 15 percent.