Facebook has said that its investments on making its platform more secure would hit profits though its July-September earnings, declared Wednesday, did not show any dent. Chief Executive Officer Mark Zuckerberg said, however, that he would prioritise security over profitability.
The company declared revenue of over $10 billion for the first time, Zuckerberg said. The figure rose 47% year-on-year to $10.33 billion, beating analysts’ estimate of $9.84 billion, Reuters reported. The revenue from advertisements alone was $10.14 billion – a rise of more than 50%.
Facebook said about 2.07 billion people were using its service monthly as of September 30, 16% higher than 2016. While listing numbers of daily active users on Facebook and Instagram, Zuckerberg wrote, “But none of that matters if our services are used in ways that don’t bring people closer together – or if the foundation of our society is undermined by foreign interference.”
Facebook has faced controversy over how its social media platform could have been used to manipulate the results of the 2016 United States presidential election. The company estimated around 10 million people in the US saw political, divisive advertisements on Facebook before and after the election that Donald Trump won. An internal review had found that Russia-based advertisers had spent more than Rs 17 lakh on 3,000 Facebook ads during that period.