Published: Fri, November 03, 2017
Markets | By Erika Turner

Some of the earnings after the close. Facebook beats

Some of the earnings after the close. Facebook beats

With apparently no influence of the ongoing hearing regarding its role in Russian Federation 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.

Facebook also booked $4.7 billion in profit, a 79 percent increase.

Monthly average users increased 16% from a year ago, to 2.07 billion.

Zuckerberg opened today's incomes call with a highly worded guarantee to mark out making use of Facebook for undermining democracy in the U.S. On Russia's use of the social network throughout the 2016 election he stated, "exactly what they did is incorrect, and we are not going to stand for it".

"Our community continues to grow and our business is doing well", said Mark Zuckerberg, Facebook founder and CEO. Further, Zuckerberg said that they are very serious about preventing abuse on Facebook Inc (FB), and that is why the company is investing so much in security that "it will impact our profitability".

"We're building, we're doubling - in some cases more - our engineering teams focused on security", Zuckerberg said Wednesday. "Protecting our community is more important than maximising our profits".

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Facebook beats The earnings of Facebook have come in at $1.59 per share which is above est of $1.28. EPS (GAAP): $1.59 vs. $1.28 expected, up 77% from the year-ago period.

Earlier this year there had been concerns that Facebook was reaching its limit on how many adverts it could fit into News Feeds without irritating users, but the group has recently been looking into putting adverts into its Messenger application and photo-sharing app Instagram.

Advertising served up on smartphones or tablets accounted for about 88 percent of revenue taken in from marketing messages in the quarter, Facebook reported.

The latest data on Instagram is on top of the estimated 126 million Americans exposed to Facebook posts from Russian entities seeking to create divisions during the election campaign.

Facebook no longer report earnings on an adjusted or non-GAAP basis, while Wall Street's estimates are comparable only to adjusted results.

Senator Dianne Feinstein of California told the hearing which included lawyers for Facebook, Google and Twitter that the companies need to do more to help combat "cyber warfare".

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