The company’s financial performance moves upward despite criticism regarding Russia’s U.S. election interference.
Facebook mobile ad growth is pushing the company’s earnings upward despite the negative press the company has been receiving. The social network has received heavy criticism regarding the role it played in Russia’s interference in the American presidential election last year.
The company revealed that its quarterly revenue has spiked to $10.3 billion, a massive year over year growth.
Facebook’s quarterly revenue of $10.3 billion is significantly higher than it was in the same quarter in 2016, when it had just passed the $7 billion mark. The most recent quarter’s growth exceeded Wall Street’s forecasts which had been $9.8 billion. Facebook mobile ad growth propelled the revenues upward throughout that quarter. They were strong enough to continue this growth despite the heavy criticism related to the Russian intervention last year.
The company’s income increased by $4.7 billion during that same quarter, which was significantly higher than last year at the same time, when it was $2.6 billion.
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Revenue from Facebook mobile ad growth now makes up 88 percent of the social network’s total ad revenue.
The company currently boasts over 2 billion monthly active users. When compared to the same time last year, this was a solid rise as the figure at that time had been 1.7 billion. The number of active daily users has also climbed year over year during the third quarter. It rose to reach almost 1.4 billion, still the majority of the total users.
“Our community continues to grow and our business is doing well,” said a statement from Mark Zuckerberg, Facebook CEO. “But none of that matters if our services are used in ways that don’t bring people closer together. We’re serious about preventing abuse on our platforms. We’re investing so much in security that it will impact our profitability. Protecting our community is more important than maximizing our profits.”
Last week, representatives from Facebook, as well as from Twitter and Google were in the hot seat as they faced Congressional lawmakers to answer questions regarding Russia’s meddling in the American presidential election. Whether or not this will impact the current quarter’s Facebook mobile ad growth has yet to be known.