Social media giant Facebook,which suffered a loss of users after the Cambridge Analytica scandal and has been experiencing serious problems, has released a third quarter report that can be called strong despite its problems. Facebook announced results that exceeded Wall Street’s expectations of both profit and revenue.
Facebook’s revenues increased by 29 percent in the third quarter of this year compared to the same period last year to $17.7 billion. Facebook announced its third-quarter financial results. The company’s net profit in the third quarter rose 19.6 percent from the same period last year, from $5.1 billion to $6.1 billion. Facebook’s revenue also rose 29 percent from the same period last year, from $13.7 billion to $17.7 billion. Market expectations were for the company’s revenues to be $17.4 billion.
Following the figures, Facebook’s shares in the stock market rose nearly 3 percent. Mobile advertising revenue stood at 94 per cent of total advertising revenue stood at 92 per cent last year, according to the company. Facebook’s daily active users increased by 8 percent compared to the same period last year, reaching 2.45 billion as of the end of September.
Facebook says 2.2 billion people use the Facebook, Instagram, WhatsApp and Messenger apps a day. Mark Zuckerberg said in a statement that they had a strong period in the third quarter of this year.
It’s worth remembering that in recent weeks, Facebook has faced a forgery lawsuit that has inflated video ad views by 150 percent to 900 percent. However, the company claimed the case was unfounded and the case was not continued. It was also rumored that if the case had continued, the plaintiffs would have received between $100 million and $200 million in damages.