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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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New Australia Bill Gives Police Power to Spy on WhatsApp Messages

The spying powers are limited to only "serious offences" such as preventing terrorism and tackling organised crime in Australia, dailymail.co.uk reported

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WhatsApp
New Australia bill gives police power to spy on WhatsApp messages.

Australia is mulling a strict law that gives enforcement agencies power to track messages on platforms like WhatsApp and Telegram that offer end-to-end encryption and also to force users to open their smartphones when demanded, a media report said.

The controversial encryption bill comes at a time amid allegations of encrypted platforms facilitating spread of rumours, hate speech and even criminal activities like child trafficking and drugs businesses.

In countries like India messages circulated in WhatsApp have been linked to several lynching cases, forcing the government to ask platform to take suitable preventive action.

But the new Australia bill also raises privacy concerns as under the proposed legislation, the Australian government agencies could compel companies to build spyware.

The proposed laws could force companies to remove electronic protections, assist government agencies in accessing material from a suspect’s device, and in getting technical information such as design specifications to help in an investigation, News.com.au reported on Wednesday.

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WhatsApp on a smartphone device. Pixabay

Critics have slammed the bill for being broad in scope, vague and potentially damaging to the security of the global digital economy, the report said, adding that a Parliamentary Joint Committee on Intelligence and Security has been scrutinising the bill.

The laws will help security agencies nab terrorists, child sex offenders and other serious criminals, Australia’s Attorney-General Christian Porter was quoted as saying.

Also Read- Rahul Gandhi Accuses Narendra Modi of Questioning Patel’s Vision

About 95 per cent of people currently being surveilled by security agencies are using encrypted messages, he added.

The spying powers are limited to only “serious offences” such as preventing terrorism and tackling organised crime in Australia, dailymail.co.uk reported. (IANS)