Ad revenue was up 68% YoY, from $6.8 billion to just over $10 billion, with mobile ad revenue comprising roughly 88% of ad revenue for the quarter, a 4% increase from this time a year ago.
Menlo Park, California-based Facebook's third-quarter profit surged to $4.71 billion or $1.59 per share from $2.63 billion or $0.90 per share past year. It now has 2.1 billion monthly users, including 500 million on Instagram, also a record high.
Facebook monthly active users 2.07 Billion versus 2.06 billion expected.
Chief executive Mark Zuckerberg used the update to address criticism of Facebook for allowing disinformation and manipulation during the 2016 U.S. presidential election, hours after the company's top lawyer faced a grilling at a Washington congressional hearing.More news: SpaceX to launch and land Falcon 9 rocket in Atlantic Ocean
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"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. CEO Mark Zuckerberg claimed that focusing on security will definitely have an impact on the company's bottom line, stating that "We're serious about preventing abuse on our platforms". The company also said it will significantly increase spending on security and expects this to drag down profitability going forward. "Protecting our community is more important than maximizing our profits", Zuckerberg told journalists after the company reported third-quarter earnings.
Facebook released its Q3 earnings, showing that total revenue was up 47% year-over-year, advertising revenue was up 49% - beating analysts' expectations - and 88% of advertising revenue came from mobile for a total of $8.9 billion, up 57% year-over-year. Earnings per share were $1.59, above the $1.28 a share expected.
Facebook's top lawyer, Colin Stretch, told USA lawmakers this week that the company planned to add roughly 10,000 more employees to aid its efforts to eradicate fake news, misinformation, and state-sponsored efforts to sway public opinion. 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. Still, two headwinds were pointed to in the company's call with analysts that are likely to impact the social media giant's future results. "What they did is wrong, and we're not going to stand for it", Zuckerberg said.