The social media network's net income grew 17% in the July-September period to $9.19 billion, buoyed by strong advertising revenue, up from $7.85 billion a year ago.
The company’s latest show of financial strength followed an avalanche of reports on the Facebook Papers — a vast trove of redacted internal documents obtained by a consortium of news organizations, including The Associated Press — as well asFacebook said its net income grew 17% in the July-September period to $9.19 billion, buoyed by strong advertising revenue. That’s up from $7.85 billion a year earlier. Revenue grew 35% to $29.01 billion.
CEO Mark Zuckerberg made only a brief mention of what he called the “recent debate around our company.” Largely repeating statements he made after Haugen’s Oct. 5 testimony before a subcommittee, he insisted that he welcomes “good faith criticism” but considers the current storm a “coordinated effort” to paint a “false picture” of the company based on leaked documents.“It makes a good soundbite to say that we don’t solve these impossible tradeoffs because we’re just focused on making money, but the reality is these questions are not primarily about our business, but about balancing difficult social values,” Zuckerberg said.
Haugen, meanwhile, told a British parliamentary committee Monday that the social media giant stokes online hate and extremism, fails to protect children from harmful content and lacks any incentive to fix the problems, providing momentum for efforts by European governments working on stricter regulation of tech companies.
Haugen told the committee of United Kingdom lawmakers that Facebook Groups amplifies online hate, saying algorithms that prioritize engagement take people with mainstream interests and push them to the extremes. The former Facebook data scientist said the company could add moderators to prevent groups over a certain size from being used to spread extremist views.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
17 TV Couples That Fans Fell In Love With And 17 They Ended Up Absolutely HatingSome things are meant to be.
Read more »
17 Things People Realllly Need To Stop Doing To Grocery Store WorkersThey truly aren’t paid enough for all this nonsense. 👀
Read more »
17 Pairs of Platform Boots to Stomp Around In This FallFrom Naked Wolfe and SYRO to Versace and Rick Owens, here are some of our favourite platform boots for the Fall 2021 season.
Read more »
17 cheesy, saucy recipes to make at home tonight for World Pasta DayFrom an easy one-pot wonder to a decadent date-night specialty, the pastabilities are endless.
Read more »