Amid the scandal, Facebook earns $9 billion; users rise to 2.9 billion

Despite the scandals by the whistleblowers in the past few days, Facebook achieved a better than expected profit for the latest quarter. The social media giant made $9billion of profit in its latest report which is a 17 percent increase and its ranks of users increased to 2.91 billion. Last year the estimated profit was $7.8billion, BBC reported.

The revelation followed fresh claims of unethical behavior made by a former employee of the company. Former employee Frances Haugan leaked rims of internal studies showing executives were aware of the potential harm to their sites, prompting the new U.S. for regulation.

Facebook said the company noticed a net income that grew 17% in the July-September time to $9billion due to strong advertisement revenue. Revenue growth of 35% was noted and it recorded upto $29.01 billion. The company also reported some pretty meaty user numbers rose about 1.9 billion daily active users, and 2.9 billion folks using Facebook’s apps each month. Moreover, the company’s shares rose 2.5% in after-hours trading after closing up 1% for the day.  

Allegations were raised upon Mark Zuckerberg in connection with the issue that focused on the documents showing Facebook routinely failed to moderate content that promoted hate speech and sex trafficking outside of the US. However, Zuckerberg reacted to all allegations and his statement has been reported by several media.

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“We made good progress this quarter and our community continues to grow,” Mark Zuckerberg said in his statement ahead of the official earnings call with reporters. He further said, “I’m excited about our roadmap, especially around creators, commerce, and helping to build the metaverse.” 

An antitrust lawsuit alleging anti-competitive practices has been filed by global lawmakers and regulators, including from the Federal Trade Commission. Despite all these, the firm’s stock is up by about 20% so far this year.