Where People Who Follow News Follow News

THE NEWS COMMENTER

Screenshot Reuters.com
VOTE  (0)  (0)

Facebook profit trounces estimates as ad sales rise


Added 11-01-17 05:03:02pm EST - “Facebook Inc (FB.O) reported better-than-expected quarterly profit and revenue on Wednesday as it pushed further into video advertising in a quarter dominated by reports that Russia allegedly used the social network to meddle in the…” - Reuters.com

CLICK TO SHARE

Posted By TheNewsCommenter: From Reuters.com: “Facebook profit trounces estimates as ad sales rise”. Below is an excerpt from the article.

(Reuters) - Facebook Inc (FB.O) reported better-than-expected quarterly profit and revenue on Wednesday as it pushed further into video advertising in a quarter dominated by reports that Russia allegedly used the social network to meddle in the 2016 U.S. elections.

The company’s shares were up under 1 percent at $184 in after-hours trading, set to add to their 58.8 percent gain this year. The stock hit a record high of $182.69 in regular trading.

Facebook is at the center of a political firestorm in the United States for the ways it handles paid political ads and allows the spread of false news stories. U.S. lawmakers have threatened tougher regulation and fired questions at Facebook General Counsel Colin Stretch in hearings this week.

Facebook, in a series of disclosures over two months, has said that people in Russia bought at least 3,000 U.S. political ads and published another 80,000 Facebook posts that were seen by as many as 126 million Americans over two years. Russia denies any meddling.

Facebook’s total advertising revenue rose 49 percent in the third quarter to $10.14 billion, about 88 percent of which came from mobile ads.

Read more...

Post a comment.

CLICK TO SHARE

BACK TO THE HOME-PAGE