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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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WhatsApp Makes Changes in India After Deadly Attacks

The firm said it will also remove the quick forward button placed next to media messages

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India is WhatsApp's largest market. Pixabay

WhatsApp has announced changes for its 200 million users in India following the spread of viral messages via the app that resulted in deadly mob attacks.

India’s government has threatened to take WhatsApp to court, saying “…the medium used for such propagation cannot evade responsibility and accountability.” The information technology ministry said, “If they remain mute spectators they are liable to be treated as abettors and thereafter face consequent legal action.”

Satish Bhaykre, 21, who was beaten by a mob due to a fake WhatsApp text, poses inside his house on the outskirts of Nagpur, India, June 23, 2018.
Satish Bhaykre, 21, who was beaten by a mob due to a fake WhatsApp text, poses inside his house on the outskirts of Nagpur, India, June 23, 2018. (VOA)

The Facebook-owned messaging app said it will limit Indian users’ ability to forward messages, allowing only five contacts at a time to receive them.

The firm said it will also remove the quick forward button placed next to media messages.

Also Read: Government Pressure: Whatsapp to Limit Message Forwarding In INDIA

Both moves are designed to make stop the mass forwards that have resulted in the mob attacks.

India is WhatsApp’s largest market. (VOA)

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