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Facebook earns $ 9 billion despite whistleblower scandal

by admin

Record third quarter for Facebook which recorded better than expected earnings, even if in full controversy for internal documents leaked online. The social media giant actually made $ 9 billion in profits in the quarter, up from $ 7.8 billion last year.

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An increase that came despite a new privacy update to Apple’s iOS 14 operating system, which made it harder for brands to target ads to specific users. And despite the controversy related to the fact that Facebook – according to the statements of a former employee – puts profit above user safety. However, in the past 12 months, the social media giant has claimed that its monthly user base has grown by 6% to 2.91 billion. However, despite its strong profits, its earnings are slightly below analysts’ expectations.

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However, the company said it will spend about $ 10 billion this year on its metaverse division, known as Facebook Reality Labs, which is tasked with creating augmented and virtual reality hardware, software, and content. And, despite the allegations, Facebook’s shares rose 1.3% in the trading after hour on Monday. And the company’s stock has risen about 20% so far this year.

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