Facebook’s advertising revenue soars above $10bn
Facebook's quarterly profit jumped as the tech giant revealed larger than expected advertising growth amid controversy over Russia-linked content that appeared on its platform.
Total revenue rose 47 per cent to $10.3bn (£7.8bn) due to a 49 per cent rise in advertising sales to $10.1bn in the quarter to the end of September – that beat analysts' expectations of $9.7bn, according to FactSet.
Facebook said mobile advertising made up 88 per cent of ad revenue in the quarter, up from 84 per cent the previous year.
Net income jumped 79 per cent to $4.7bn, or $1.59 per share, from $2.6bn, or 90 cents per share, in 2016.
The firm's user base grew in the period, with daily active users rising 16 per cent year-on-year for an average 1.37bn in September 2017.
Why it's interesting
Facebook's mammoth advertising revenue figure comes just as the company is at the centre of a debate over reports Russia used the social media network to meddle in the 2016 US election, which Russia has denied.
The firm has also come under fire for allowing fake news stories to spread.
Facebook's shares rose around 0.7 per cent in after-hours trading after closing at an all-time high of 182.66p.
Facebook founder and chief executive Mark Zuckerberg today said: "Our community continues to grow and our business is doing well.
"But none of that matters if our services are used in ways that don't bring people closer together. We're serious about preventing abuse on our platforms. We're investing so much in security that it will impact our profitability. Protecting our community is more important than maximizing our profits."