Facebook crushes Q3 earnings as stock trades at all-time high

Facebook expected to show 40 percent sales growth as stock reaches record high

Yesterday afternoon-one day after Facebook, along with Google and Twitter, testified to U.S. Congress about the company's involvement with Russian Federation in last year's presidential election-CEO Mark Zuckerberg discussed Facebook's third-quarter earnings with investors.

Facebook reported a year-over-year increase in net income of almost 80 percent.

Facebook daily active users 1.37 billion versus 1.36 billion estimate.

Still, considering its revenue rose almost 50% to $10.3 billion, this past quarter, Facebook has money to burn.

Zuckerberg opened today's incomes call with a highly worded guarantee to mark out making use of Facebook for undermining democracy in the U.S. On Russia's use of the social network throughout the 2016 election he stated, "exactly what they did is incorrect, and we are not going to stand for it".

"But none of that matters if our services are used in ways that don't bring people closer together".


Alongside video and long-term initiatives in augmented and virtual reality, artificial intelligence, and connectivity, Facebook said "sizable security investments in people and technology to strengthen our systems and prevent abuse" would represent one of the company's major drivers of expense growth in 2018. We are investing so much in security that it will impact our profitability.

Earnings were $1.59 a share, beating the consensus estimate of $1.29 and up 77%.

Facebook shares that ended the day up 1.4 percent to $182.66 but retreating in after-market trades to $179.25.

Facebook, Google and Twitter representatives have been testifying before Congress this week as lawmakers try to discover how each company allowed stealth Russian posts and whether there needs to be more regulation of tech companies.

The quarterly earnings report was released as Facebook and other internet titans testified this week before Congress about a Russian-led effort to spread misinformation and sow discord ahead of the 2016 United States election. Mobile advertising generated 88 percent of ad revenue, and is up 84 percent year over year. Facebook also said that the ads possibly reached over 126 million Americans.

"So all told, that gets you to approximately - a little less than 150 million", Stretch said in response to questioning from Democratic Senator Mark Warner. "We're building AI to go after more different areas of harmful content and finding fake accounts and other bad actors in the system".

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