Facebook’s Revenue Increased by 28% over Last Year

Facebook’s Revenue Increased by 28% over Last Year

Facebook has been in the news over last couple of years for all sorts of negative reasons. While the censorship on the platforms has been well documented in the past, few years earlier it found itself under heavy pressure following its involvement in the Cambridge Analytica scandal. Although the company has taken initiatives over last couple of years to make it harder to spread false information on the platform, just recently the company saw increased pressure after CEO Mark Zuckerberg revealed that the company won’t limit politicians from buying ads on the platform to spread false information. While we will have to wait to find out if Facebook changes anytime soon, the company’s userbase and revenue grew despite the negative reception throughout last year.

On Wednesday, Facebook revealed that over 2.45 billion users logged into the site each month during last quarter. This is roughly 8 percent increase from the 2.27 billion users from the same period of last year. Moreover, the company’s revenue grew 28 percent to $17.65 billion in the third quarter as it beat the expectations of $17.4 billion during the time period.

Although we will have to wait to see how or if Facebook changes its policy regarding the fake information on the platform, Facebook’s influence over the internet is likely to grow more in the coming years. Facebook has partnered with several other companies to bring its own cryptocurrency Libra next year. The move has met heavy criticisms as several partners have distanced themselves from the company in the last couple of weeks.

However, at the moment, Facebook is looking at other ways to generate revenue other than ads. Although it has launched different products over the years, it hasn’t particularly been successful due to users’ concern over privacy. Despite that, it’ll be interesting to see if the company manages to attract customers when Libra launches in just few months.

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