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Facebook today announced staggering profits despite a number of spinning scandals related to data privacy, misinformation and misleading statistics.
The social network reported earnings per share of $ 1.76 against a consensus estimate of $ 1.47 cited by CNBC. However, revenues were slightly lower than expected, reaching $ 13.73 billion, against $ 13.78 billion.
User growth also took a hit: The number of daily active users is expected to reach 1.51 billion, while the number of monthly active users is expected to reach 2.29 billion. But these numbers were below expectations at 1.49 billion and 2.27 billion, respectively.
Nevertheless, CEO Mark Zuckerberg said in a note to investors that more than 2 billion people daily use one of Facebook's services, including Instagram, WhatsApp and Messenger. "We are building the best private messaging services and stories. In addition, video and commerce offer tremendous opportunities, "said Zuckerberg.
Last year, Facebook was the subject of much controversy, including revelations about the misuse of data by Cambridge Analytica, the indignation sparked by the apparent defense of Mr. Zuckerberg against denial of the Holocaust, chaos and violence caused by misinformation on the platform, the negative reaction of the defective video metric, and a massive data piracy that revealed personal information of about 29 million users.
These scandals, as well as Zuckerberg's previous warnings about a decrease in user engagement, had already erased huge gains for the company. Prior to today's report, Facebook shares were trading at lows ever since mid-2017.
But investors must have liked what they saw this afternoon, as equities improved slightly after trading hours after a slight pullback. We will have to wait and see if the good feelings last.
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