Facebook defies expectations as its users increase to 2.45bn and its revenue soars almost 30 percent
- Facebook gained users and posted solid earnings despite regulatory threats
- Last quarter Facebook’s earning grew 19 percent over the same period last year
- The company also added 8 percent more users year-over-year
- Strong growth comes despite the fact that regul
Regulatory threats and privacy concerns haven’t been enough to stop Facebook’s growth.
On Wednesday the social media giant posted solid third-quarter results showing steady growth in its user base even as it faces broad regulatory threats and criticism over its power and negative effects on society.
Facebook reported that it earned $6.09 billion, or $2.12 per share, in the July-September quarter, which represents a 29 percent increase from $5.14 billion, or $1.76 per share, in the same period a year earlier.
Facebook has continued to add users and earnings despite increasing pressure from regulators and lawmakers
Revenue grew 29 percent to $17.65 billion from $13.73 billion.
Despite myriad concerns over the company’s privacy standards, Facebook also managed to add millions of users.
The company reported ending the quarter with 2.45 billion monthly users, an 8 percent increase from a year earlier.
It also said that about 2.8 billion people use at least one of its services – Facebook, Messenger, WhatsApp or Instagram – at least once a month.
The positive financial news comes at a time when Facebook is being criticized for its privacy, security, and business practices from all sides.
In the US, it faces several government investigations for alleged anti-competitive behavior, including probes by the Federal Trade Commission and 46 state attorneys general.
Facebook’s CEO Mark Zuckerberg (Pictured) has sat at the center of multiple congressional hearings regarding the company’s conduct
Facebook’s own employees recently joined the chorus of detractors citing the company’s commitment not to fact-check political ads that contain false information.
In a letter signed by hundreds of employees this week, critics called the move a threat to what the company stands for.
Following news of its steady earnings, investors sent Facebook’s stock up 3 percent in after-hours trading.