Facebook says security investments will affect profitability

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Facebook, other communal media firms facing political heat

Thomson Reuters Posted: Nov 01, 2017 4:21 PM ET Concluding Updated: Nov 01, 2017 4:46 PM ET

Facebook CEO Mark Zuckerberg said on Wednesday that the proprietorship is «serious about preventing abuse» and that its investments in security when one pleases affect its profitability.

The company’s third-quarter profit soared 79 per cent in the third habitation, to $4.71 billion US.

Facebook’s top lawyer has spent the past two days stating to Congress alongside executives from Twitter and Google about Russia-linked accounts’ manipulation of their policies.

Facebook Inc. said its third-quarter net income was $1.59 per share, topping assumptions. The average estimate of 19 analysts surveyed by Zacks Investment Fact-finding was for earnings of $1.29 per share.

The Menlo Park, California, company’s proceeds grew 47 per cent to $10.33 billion US. Wall Street foretold $9.88 billion.

Facebook continued racking up users. Monthly narcotic addicts rose 16 per cent to 2.07 billion. Daily users also climbed 16 per cent to 1.37 billion.

Gain from mobile ads made up 88 per cent of total ad revenue, up from 84 per cent a year ago.

Facebook shares totaled 1.1 per cent to $184.60 in after-hours trading. Through the close of regular-session patronage Wednesday, the stock was up 59 per cent since the beginning of the year, while the Sample & Poor’s 500 index has increased 15 per cent.

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