Facebook daily user growth slows as sales miss forecasts

01 November, 2018, 05:57 | Author: Mary Valdez
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Overall third-quarter revenue was $13.7 billion, up 33% from the same period a year ago and in line with expectations when accounting for currency fluctuations. They reversed course several times, falling and gaining as much as 5%, during an hour of volatility after closing on Tuesday up 2.9% at $146.22.

Shares jumped, dove and then rose anew before staying on higher ground, up 3.2 per cent to US$150.90, on the Nasdaq early in the evening in NY.

Facebook has lost a million daily and monthly active users in the last three months, the company's latest financial results have revealed.

Facebook announced the results as it strives to fend off concerns about how well it protects the data of users and defends against use of the site to spread misinformation aimed at swaying elections.

Facebook's CEO Mark Zuckerberg answers questions about the improper use of millions of users' data by a political consultancy, at the European Parliament in Brussels, Belgium.

Zuckerberg said Facebook was also looking more toward some of the properties it already owned, such as messaging apps WhatsApp and Messenger, which together have more than 2 billion users. "We're building the best services for private messaging and stories, and there are huge opportunities ahead in video and commerce as well".

Mr. Zuckerberg added that he believes the company is at least a year away from upgrading its internal systems to the point that it can prevent misinformation and abuse "at the level we want". "And we will never be ideal". "Video monetizes significantly less well per minute than users interacting in feed..."

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Facebook Watch and Instagram TV, the company's two video services, are way behind Google's YouTube in terms of size, Zuckerberg said. That revenue growth marks the slowest growth rate in Facebook's history.

The war room at the company's Menlo Park headquarters in California is part of stepped up security that will include doubling the security team to 20,000 employees. "We are going to be putting ads in "Status". After the flatness we saw last quarter, that's a good sign". Facebook's executives have touted their commitment to avoid the missteps of the 2016 election, when Russian Federation ran a misinformation campaign that disrupted U.S. politics.

So far, the formats are less lucrative than advertising on the main social network's news feed.

Gleicher said there was overlap with accounts taken down earlier this year and linked to Iran state media, but the identity of the culprits had yet to be determined.

Total expenses in the third quarter surged to $7.95 billion, up 53 percent compared with a year ago.

Zuckerberg said Facebook is up against sophisticated adversaries who continue to evolve. But he said he was focused on bringing them in line. "There is no silver bullet".


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