Facebook says quarterly profit climbed to record $9.3b, Latest Business News - The New Paper

Facebook says quarterly profit climbed to record $9.3b

This article is more than 12 months old

SAN FRANCISCO: Facebook said on Wednesday that quarterly profit climbed to an all-time record US$6.9 billion (S$9.3 billion) as it boosted its user base despite scandals that have dented the leading social network's image.

Revenue soared 30 per cent from a year ago to US$16.9 billion while the number of people using it monthly rose 9 per cent to 2.32 billion, Facebook said.

Net profit for Facebook, which makes most of its money from online advertising, was up a strong 61 per cent from the same period last year.

Facebook shares jumped 7.7 per cent to US$161.99 following the release of the earnings.

Facebook has increased its user base both in the US and Europe, where the social network has faced challenges over data protection scandals.

"With these results, Facebook has clearly demonstrated that the challenges of 2018 have not had a lasting impact on its ability to increase both revenues and usage," said analyst Debra Aho Williamson of the research firm eMarketer.

Facebook has pledged to hire thousands of employees and invest in new technologies to respond to concerns about manipulation and abuse, and to take data protection more seriously.

The number of employees as of Dec 31 was 35,587, an increase of 42 per cent year over year.

"We have fundamentally changed how we run our company to focus on the biggest social issues, and we are investing more to build new and inspiring ways for people to connect," Mr Zuckerberg said. - AFP