29th January 2023

Facebook Quarterly Profit Doubles to $ 5.2 Billion Amid Antitrust Hearings

Spread the love

Facebook, like many others, published its financial report for the past quarter. Amid numerous data breach scandals and ongoing antitrust investigations, the world’s largest social network continues to grow in revenue.

Last quarter, Facebook generated $ 18.69 billion, up 11% from a year earlier. As before, almost all revenue (98%) is advertising revenue. The gross margin increased from 27% to 32%. Net income was $ 5.2 billion, which is double the figure a year ago.

The number of daily active users increased by 12%, to 1.79 billion people, the number of monthly active users in percentage terms increased by the same 12%, to 2.7 billion. Every month, all the company’s applications, including Instagram, Messenger and WhatsApp, 3.14 billion people use it, an increase of 14%, or almost 75% of the total number of Internet users worldwide.

As of June 30, Facebook had $ 58.24 billion in cash and cash equivalents, and the number of employees grew 32%, reaching 52,534 people.

On the eve of the publication of the reports, Facebook founder Mark Zuckerberg, along with leaders of other IT giants, appeared in the US Congress as part of an ongoing major antitrust case. Over the past two years, Mark Zuckerberg explains himself to congressmen for the second time. And this time, the founder of Facebook got more than others – fragments of old letters and messages of the head of Facebook Mark Zuckerberg were released at the hearing, in which he discussed the possibility of eliminating competitors, including Instagram.

See also  Huawei announces MatePad 10.8 and Enjoy 2 tablets, TalkBand B6 transforming tracker and kids smartwatch

Source: Facebook

Vicky O. Torres

My name is Vicky O. Torres. I am a psychologist by profession, and I love my work very much. And in general, I am an active seeker of truth, silence and beauty of the world.

View all posts by Vicky O. Torres →

Leave a Reply

Your email address will not be published.