Some of the earnings after the close. Facebook beats

The in-app store setup by BigBasket Swiggy and Housejoy

The in-app store setup by BigBasket Swiggy and Housejoy

Facebook today reported profits leapt 79 per cent on booming revenue from online ads in the third quarter, topping investor forecasts and buoying shares already at record highs.

Facebook reported third-quarter profit and sales on Wednesday that beat Wall Street's expectations. "Protecting our community is more important than maximizing our profits." said Zuckerberg.

Alongside video and long-term initiatives in augmented and virtual reality, artificial intelligence, and connectivity, Facebook said "sizable security investments in people and technology to strengthen our systems and prevent abuse" would represent one of the company's major drivers of expense growth in 2018.

"I've directed our teams to invest so much in security - on top of the other investments we're making - that it will significantly impact our profitability going forward", Facebook CEO Mark Zuckerberg told investors during a Wednesday earnings call. Analysts surveyed by FactSet had estimated $1.28 a share on revenue of $9.85 billion.

The world's number one social network along with Twitter and Google is under pressure from USA politicians over its role in the last presidential election.

Everything that happened at Sony's Paris Games Week conference
There's Guacemelee 2, for example, which involves a mask-wearing luchador showing off some fast-paced side-scrolling action. Seven years after defeating Carlos Calaca, Juan Aguacate is forced to don his luchador mask again to face a new threat.

Read the full earnings release here.

Mobile advertising revenues continue to be dominant contributor to ad revenues as it represented 88 percent of advertising revenue for the quarter, up from 84 percent a year ago.

Earlier this year there had been concerns that Facebook was reaching its limit on how many adverts it could fit into News Feeds without irritating users, but the group has recently been looking into putting adverts into its Messenger application and photo-sharing app Instagram. Overseas growth in monthly active users - a key metric for Facebook - also looks promising to many analysts.

Facebook general counsel Colin Stretch told a hearing that Instagram posts by suspect Russian accounts were seen by some 20 million Americans past year. Facebook's advertising policies, however, have been under constant fire over the past few months after the revelation of Russian sponsored ads to induce differences between Americans during the Presidential elections.

The hearing was the second in Congress this week in which social media and internet firms have been called to explain how fake news and other disinformation was allowed to spread during the election campaign. "What they did is wrong, and we are not going to stand for it".

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