Facebook said on Monday that revenue had risen 35 percent to $ 29 billion in the three months ended September compared to the same period last year, and profits had risen 17 percent to $ 9.2 billion, a sign of the financial strength of the social network. Crisis over anxious expressions made by a former employee.
Advertising revenue, which accounts for the bulk of Facebook’s revenue, rose 33 percent to $ 28.3 billion. “Other” revenue, including sales of Facebook’s virtual-reality Oculus hardware, rose 195 percent to $ 734 million.
About 3.6 billion people now use one of Facebook’s processors every month, 12 percent more than the previous year.
“We’ve made good progress this quarter and our community continues to grow,” said Mark Zuckerberg, Facebook’s founder and CEO. “I’m excited about our roadmap, especially to help creators, businesses and create metawares” – a vision of the future presented by technologists integrating different parts of the digital world with parts of the offline world. Mr. Zuckerberg said he hopes Facebook will be known as a “metawares company” in the years to come.
The results were a continuation of the company’s strong financial performance during corona virus infections, which pushed people towards their computers and other devices.
In recent weeks, however, Facebook has faced intense political pressure. Frances Houghton, a former employee of the Whistleblower, shared thousands of pages of internal documents and said the company had chosen to “profit more than the people”. First published in The Wall Street Journal. Haugan’s revelations provoked a firestorm of criticism from lawmakers, regulators and the public. Lawmakers have often focused on reports that show how Facebook knew Instagram could make physical problems worse for teens.
On Monday, a dozen news organizations, including The New York Times, published articles based on Facebook papers, a collection of documents taken before Ms. Hazen left the company. A few hours later, he testified before British lawmakers that the company did not want to stop the harmful aspects of its products because doing so could affect profits and growth.
Facebook seems to be setting itself up for long-term, cost-effective development projects. The company said it would break up the Facebook reality lab segment into a separate reporting segment in its quarterly earnings reports. That segment will be separate from the rest of the company, which is formally known as the “Family of Apps” on Instagram, WhatsApp, Messenger and Facebook.
Facebook invests heavily in technologies such as reality labs, or FRL, virtual and augmented reality. Mr. Zuckerberg’s long – term goal is to help Facebook become a notable player and creator of what’s known as metawares. But now, the unit spends more than it spends – and some time.
“We are committed to reviving this long-term vision and look forward to increasing our investments over the next several years,” the company said in its earnings report. Facebook expects FRL to cut its overall 2021 profit to $ 10 billion.
Shares of Facebook were up 2.6 percent at $ 337.25 in after-trade trading.