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Facebook reports $4.7 bn profit, 2.07 bn monthly users in Q3

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San Francisco,November 2,2017:  With 1.37 billion daily active users and 2.07 billion monthly active users, Facebook again topped expectations when it reported 79 per cent increase in its quarterly profit and nearly 50 per cent rise in revenues in the third quarter.

With apparently no influence of the ongoing hearing regarding its role in Russia meddling, Facebook late on Wednesday published its financial results for the quarter that ended on September 30, reporting that its profitability hit $4.7 billion mark and earned $10.3 billion in revenue compared to an estimate of $9.84 billion.

 “Our business is doing well,” company CEO Mark Zuckerberg said in a statement. “But none of that matters if our services are used in ways that don’t bring people closer together.

“We are serious about preventing abuse on our platforms. We are investing so much in security that it will impact our profitability. Protecting our community is more important than maximising our profits,” he said.

Mobile advertising revenue represented approximately 88 per cent of advertising revenue for the third quarter of 2017, up from approximately 84 per cent of advertising revenue in the third quarter of 2016.

The average revenue per daily active user reached $7.51 compared to $5.95 a year ago showing a 26 per cent increase.

That is due to a 16 per cent growth in its daily active users over the year and 3.8 per cent increase quarter-over-quarter touching 1.37 billion mark.

Facebook now has 2.07 billion monthly active users — an increase of 16 per cent year-over-year. The growth is 3.19 per cent compared to last quarter’s 2.006 billion and it grew at 3.4 per cent.

According to Tech Crunch, Facebook’s share price closed at $182.66 prior to the earnings announcement and climbed 1.28 per cent in after-hours trading.

Facebook CFO David Wehner said Facebook will boost its expenses 45-60 per cent in 2018 in order to fund security efforts following the Russian intrusion as well as in furthering original video content, Artificial Intelligence (AI), Virtual Reality (VR) and Augmented Reality (AR).

The company said it would hire 10,000 people to monitor content and ads, though some will be contractors. It plans to double its security engineering work force.

As of September 30, the headcount at Facebook was 23,165 — an increase of 47 per cent year-over-year.

Zuckerberg also said that Instagram Stories and WhatsApp Status both now have 300 million daily active users — up from 250 million in June (Instagram) and July (WhatsApp).

–IANS

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Apple to shut its last Watch-exclusive store in May

Apple's shipments in the fourth quarter of 2017 grew by more than 32 percent over the fourth quarter of 2016 to eight million

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Apple Watch Nike+ smartwatch. Flickr

Apple will shut down its last of the three Apple Watch-exclusive stores — located in Tokyo — it built when it launched the wearable in 2015.

On May 13, the last Apple Watch-exclusive store will close its doors. Twitter user Shotaro Akiba has shared a photo on the microblogging platform showing the department store’s announcement, Engadget reported on Sunday.

vero, instagram
Many apps pulled out of the watchOS. VOA

Apple had shut down the other two stores in London and Paris last year. According to 9to5mac website, the shop held a sale in which it was selling the remaining Apple Watch Edition inventory for as little as $700.

These 18-karat gold watches were sold for at least $10,000 and as much as $17,000 when they first became available, the report said.

Earlier this month, high-profile applications, including Instagram, Amazon, Google Maps and Twitter, pulled out their apps from the WatchOS. Driven by Apple Watch Series 3 shipments, the Cupertino-headquartered giant shipped a record 18 million Watch devices in 2017 — an increase of 54 per cent compared to the previous year.

Also Read: Apple working on gold variant of iPhone X: Report

“The Series 3 was the key growth driver, as total shipments of the latest version of Apple’s Watch were just under nine million, making up nearly half of all shipments in 2017,” Singapore-based market research firm Canalys said.

Apple’s shipments in the fourth quarter of 2017 grew by more than 32 percent over the fourth quarter of 2016 to eight million — the highest-ever number of shipments in a single quarter for any wearable vendor. IANS

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