Facebook’s profit increased 53% amid growing scrutiny

Facebook’s profit increased 53% amid growing scrutiny

by
The company said on Wednesday that it posted a profit of $ 11.2 billion in the last three months of last year, an increase of more than 50% over the previous year. Facebook (FB)The company’s revenue grew 33% to about $ 28 billion during the quarter, showing the durability of its core advertising business, despite the pandemic.

By combining several Facebook applications, including Instagram, Messenger and WhatsApp, the company reported 3.3 billion active users per month, an increase of 14% year on year.

“We had a strong end of the year, as people and businesses continued to use our services during these difficult times,” said Facebook CEO Mark Zuckerberg in a statement.

Although Facebook ended the year on a strong note, it once again warned of challenges for the coming year, including “the” evolving regulatory landscape “, as well as changes in iPhone software that it hopes will hurt its advertising business.

Dozens of states and the federal government sued Facebook last month, claiming that the social media giant abused its dominance in the digital market and engaged in anti-competitive behavior.
Facebook is also continuing to fight the spread of harmful content on its platform. Posts promoting violence during the opening week circulated on Facebook, despite its crackdown since the January 6 Capitol riots, a technology watchdog group has discovered.

“Despite the negative publicity and antitrust cases, it looks like nothing can stop what is arguably the most important advertising platform in the world,” said Jesse Cohen, senior analyst at Investing.com.

.Source