Facebook Beats Earnings Expectations With 49% Growth in Q3, Despite Russian Ad Controversy
Facebook reported another $10.14 billion in advertising revenue in the third quarter even while the company’s top attorney testified in Congress about how Russian operatives bought ads to misinform users before, during and after the 2016 presidential election.
Today, the company said revenue for the previous three months grew 49% compared to the same period last year. Total revenue was also up, increasing 47% year-over-year to $10.33 billion. Earnings per share were $1.59—a 77% increase from third-quarter 2016.
“Our community continues to grow and our business is doing well,” co-founder and CEO Mark Zuckerberg said in a statement. “But none of that matters if our services are used in ways that don’t bring people closer together. 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 maximizing our profits.”
While the results were flattering, they also came as the biggest tech platforms faced intense questioning and criticism from lawmakers as attorneys from Facebook, Google and Twitter testified in front of the U.S. House and Senate committees in Washington, D.C.