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Social Media Giant Facebook Earns Record Profits with 2.32 bn Users

Capital expenditures were $4.37 billion and $13.92 billion for the fourth quarter and full year 2018, respectively

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A television photographer shoots the sign outside of Facebook headquarters in Menlo Park, Calif. VOA

Despite facing intense scrutiny over data privacy, Facebook stock rose 12 per cent after it logged a record revenue of $16.91 billion — up from $12.97 billion in the year-ago period — in the fourth quarter that ended December 31.

The social media giant now has 2.32 billion monthly active users (MAUs) globally — an increase of 9 per cent (year-over-year) — and 1.52 billion daily active users (DAUs), also an increase of 9 per cent, the company said in a statement late Wednesday.

“Our community and business continue to grow. We’ve fundamentally changed how we run our company to focus on the biggest social issues, and we’re investing more to build new and inspiring ways for people to connect,” said Mark Zuckerberg, Facebook founder and CEO.

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Facebook reported $6.88 billion in net income which amounts to $2.38 a share — up from $1.44 a share in the year-ago period. The full year revenue stood at $55.8 billion — up from $40.6 billion in 2017.

Mobile advertising revenue represented approximately 93 per cent of advertising revenue for the fourth quarter of 2018, up from approximately 89 per cent of advertising revenue in the fourth quarter of 2017.

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Facebook, social media. Pixabay

“We estimate that around 2.7 billion people now use Facebook, Instagram, WhatsApp or Messenger each month, and more than 2 billion people use at least one of our family of services every day on average,” said the company that added 1 million daily users in Canada and the US.

Capital expenditures were $4.37 billion and $13.92 billion for the fourth quarter and full year 2018, respectively. (IANS)

Next Story

US Judge Orders Facebook to Disclose Malicious Apps’ Data: Report

The social networking giant found that the apps -- primarily social media management and video streaming apps -- retained access to group member information, like names and profile pictures in connection with group activity, from the Groups API (application programming interface)

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Social Media, Facebook, Authenticity, Posts
The social media application, Facebook is displayed on Apple's App Store, July 30, 2019. VOA

As part of a probe ordered in the wake of the Cambridge Analytica data scandal involving 87 million users, a US judge has ordered Facebook to hand over data of thousands of apps that violated its user privacy.

Facebook admitted last year that it suspended “tens of thousands” of apps for possible privacy violations.

A Massachusetts judge rejected the social networking giant’s attempts to withhold the key details from state investigators, The Washington Post said in a report on Friday.

“We are disappointed that the Massachusetts Attorney General and the Court didn’t fully consider our arguments on well-established law. We are reviewing our options, including appeal,” a Facebook spokesperson Andy Stone was quoted as saying in the report.

Maura Healey, the Democratic Attorney General of Massachusetts, said: “We are pleased that the Court ordered Facebook to tell our office which other app developers may have engaged in conduct like Cambridge Analytica.”

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FILE – Attendees walk past a Facebook logo during Facebook Inc’s F8 developers conference in San Jose, California, United States. VOA

The state of Massachusetts launched the probe last September after Facebook admitted that it had suspended “tens of thousands” of apps on its platform as a result of its review on privacy practices launched following the scandal involving Cambridge Analytica.

The review, launched in 2018, followed revelations that the political consultancy hijacked personal data on millions of Facebook users and included attorneys, external investigators, data scientists, engineers, policy specialists and others, according to a Facebook statement.

The Cambridge Analytica scandal resulted in a record-breaking, $5 billion fine for Facebook from the US Federal Trade Commission (FTC).

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In November 2019, Facebook revealed that at least 100 app developers may have accessed Facebook users’ data for months, confirming that at least 11 partners “accessed group members’ information in the last 60 days”.

The social networking giant found that the apps — primarily social media management and video streaming apps — retained access to group member information, like names and profile pictures in connection with group activity, from the Groups API (application programming interface). (IANS)