Facebook recorded $6.9 billion in profit within the last three months of 2018 despite privacy scandals

Facebook recorded $6.9 billion in profit for the final three months of 2018. This is a jump of 61% from the same period a year earlier.

Facebook CEO, Mark Zuckerberg

 Although the company is facing an endless PR crisis, it does not seem to affect its finances.

According to the latest earnings report released on Wednesday, January 30, 2019, Facebook's revenue for the quarter rose 30% to $16.9 billion.

The firm’s user numbers remain impressive as well. It now has 1.52 billion people who use the social network every single day, and 2.32 billion who use it every month, both of which are up 9% from the year prior.

Facebook evaluates that 2.7 billion people now use Instagram, WhatsApp, Messenger or Facebook itself each month. Two billion people use at least one of these services every day.

Within some few weeks, Facebook has had an endless wave of negative headlines which sparked fears of a possible user and advertiser migration. But the report suggests these fears may have been overblown.

"With these results, Facebook has clearly demonstrated that the challenges of 2018 have not had a lasting impact on its ability to increase both revenues and usage," the report said.

The report has triggered the Facebook CEO, Mark Zuckerberg to speak at a conference after the report touting that his firm has taken steps taken to deal with the misuse of the platform. These include building AI detection systems and hiring tens of thousands of safety and security staff.

"There's more to do here, but I'm proud of the work that we've done to get in front of these issues," he said. "We've started to turn a corner and have a clear plan for what we need to do now," he said.

The CEO further indicated that he has plans to continue "building new and inspiring ways" for users to connect, even as the unintended dark side of connecting billions of users long the mission of the company has increasingly come to light.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke