Facebook's stock dips after Zuck warns Russian crackdown will hurt profits

Quarterly Results of Facebook and Tesla

Quarterly Results of Facebook and Tesla

Within the small print of the social network's impressive results, it has emerged that 10% of its 2.07bn monthly users are now thought to be duplicates of real users, or nearly double its previous estimate of 6% in the previous quarter.

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

Facebook CEO Mark Zuckerberg was similarly optimistic about video: "Over the next three years, the biggest trend in our products will be the growth of video". "But none of that matters if our services are used in ways that don't bring people closer together".

"I'm dead serious about this, and the reason I'm talking about this on our earnings call is that 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, and I wanted our investors to hear that directly from me", Zuckerberg said. "Protecting our community is more important than maximizing our profits", Zuckerberg told journalists after the company reported third-quarter earnings.

Investor enthusiasm may have been tempered by rising costs at the California-based internet giant and executives stressing the company is firmly in "investment mode" while predicting ad growth will slow. What they did is wrong and we're not going to stand for it. Earlier in the day, Facebook's general counsel was raked over the coals by United States senators probing how the Kremlin could effectively push propaganda on social media as it tried to sway the presidential election.

Khloé Kardashian Is Reportedly Having a Baby Boy With Tristan Thompson
Fans naturally assumed that her surrogate was having twins, especially considering what she told Ellen DeGeneres in 2015. Later the same day, Khloe posted an Instagram selfie which was cropped just above her stomach, adding to the mystery.

Ad revenue saw a 49 per cent year-on-year (YoY) increase compared to Q3 2017, with mobile ad revenue representing around 88 per cent of that total. It now has 2.1 billion monthly users, including 500 million on Instagram, also a record high.

Ad prices will have more impact on future ad revenue than the number of ads Facebook sells, according to Wehner. The quarterly earnings report was released as Facebook and other internet titans testified this week before Congress about a Russian-led effort to spread misinformation and sow discord ahead of the 2016 US election.

Amid the distraction of Facebook's blockbuster earnings this week, the company quietly admitted to hosting more phony accounts than previously revealed.

During this week's hearings at Capitol Hill, Facebook's counsel Colin Stretch said that the social network intends to hire 10,000 more workers to increase safety and review content, effectively doubling the number of reviewers to 20,000.

It's not just Facebook Inc (FB) who has been held answerable for the Russian interference in the election.

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