November 2, 2017:Facebook revenues up 47% while net profit grows by 79%

Facebook has announced another strong set of quarterly financials, with the company’s revenues growing by 47% year-on-year to $10.33bn in the third quarter of 2017.

The social network reported a net profit of $4.71bn for the quarter, up 79% year-on-year. The latest user numbers: Facebook daily active users were up 16% to 1.37bn, while monthly active users were up 16% to 2.07bn. Facebook’s average quarterly revenue per daily active user is now $7.54 – the highest in its history.

But CEO Mark Zuckerberg sounded a warning note, after a difficult few weeks of debate around the role of rogue Russian actors trying to influence the last US presidential election through Facebook ads and posts.

“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,” said Zuckerberg.

“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 maximising our profits.”

Another new stat from Facebook: Instagram Stories are now being used by 300 million daily active users, up 50 million in the last five months, and now nearly double the user base of Snapchat.

Stuart Dredge
READ MORE: Data News
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