Facebook Revenue Up 33%, Profit Up 9%, But Growth Slows

Still Raking It In

FACEBOOK'S Q3 revenue rose 33% and its profit increased 9%, but that revenue growth was down from the 42% it enjoyed in the previous quarter, the NY TIMES reports. Daily active user growth slowed from an 11% growth in Q2 to 9% growth in Q3, to almost 1.5 billion. It had 2.27 billion monthly active users.

In the last quarterly report, FACEBOOK predicted that its growth would slow. On top of that, the tech giant had to deal with a bevy of issues such as disinformation. hate speech and leaks. CEO MARK ZUCKERBERG admitted that repairing those issues will continue to suppress profit margins as it works to repair systemic issues, including the hiring of tens of thousands more people to monitor content.

Looking ahead, ZUCKERBERG saw room for growth in FACEBOOK-owned apps such as WHATSAPP, the messaging app, and INSTAGRAM, the photo-sharing site. “We’re building the best services for private messaging and stories, and there are huge opportunities ahead in video and commerce as well,” he said.

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