Facebook Nets $10bn from Ad

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Facebook income rose in the third quarter as it fetched in more than $10bn from advertising. The firm said profits were $4.7bn (£3.5bn) in the three months to the end of September, up 80% year-on-year.

Chief Executive, Mark Zuckerberg told investors the firm’s investments in security would “impact” profitability.

US lawmakers are examining the possible use of the platform for Russian propaganda activities during the 2016 US presidential election.

“We’re serious about preventing abuse on our platforms,” Mr Zuckerberg said. “Protecting our community is more important than maximising our profits.”

Mr Zuckerberg last year said the idea that fake news on Facebook influenced the election was “pretty crazy”.

On Wednesday, the firm said almost 150 million people may have seen Russian propaganda efforts.

Facebook shared the figure during two days of tense questioning in Washington.

Lawmakers, who are eyeing increased regulation of internet companies, pressed for increased disclosure around political ads, as well as information about how the firm polices false content.

Facebook had 2.07bn monthly active users at the end of September, up 16% year-on-year.

Duplicate accounts represent about 10% of those – higher than previous estimates, executives said.

It also had more than six million active advertisers, chief operating officer Sheryl Sandberg said on a call with investors.

Those advertisers, many of them small and medium-sized businesses, helped lift total Facebook revenue 47% year-on-year to $10.3bn. That included $10.1bn from ads.

The firm said it expected ad prices to increase, driving future growth. But it warned that the pace of expansion had been slowing.

The firm also said it expected expenses to increase between 45% and 60% in 2018.