Social media company Facebook made a statement about its revenue in the third quarter of the year. In fact, the company has recently come to the fore with a new scandal. According to one of the documents leaked by whistleblower Frances Haugen, the company’s algorithm imposes extreme nationalism on Indian users. It was also alleged that the company incited violence in the US Congress raid on January 6.
Among all these developments, the social media company announced its revenue growth in the third quarter of 2021. Here is the latest data…
Despite everything, Facebook share revenue increased
Share sales of the social media company did not increase as expected in the third quarter. However, the company still enjoyed a net profit. The company achieved sales of $29 billion with a 35 percent increase in revenue compared to the same period of last year. However, analysts estimated that Facebook would earn $29.6 billion.
Facebook also explained the factor affecting its income. Facebook’s ad revenue was actually negatively impacted by an innovation in Apple software. Because with the new software, Facebook has been restricted from sharing user data with advertisers. Still, the company’s net profit rose 17 percent in the third quarter to $9.2 billion.
Moving on to earnings per share, Facebook rose to $3.22 in the third quarter of 2021. In the third quarter of last year, this number was $2.71. For comparison, the company’s third quarter revenue was $21.5 billion last year. Also, its net profit in the third quarter of last year was $7.8 billion.
According to the news of Forbes, in the third quarter the main Facebook application caught a 6 percent increase in the number of daily and monthly users. Around 2.91 billion people worldwide now use Facebook at least once a month. The company saw a 12 percent increase in the number of monthly users across all its apps.
Finally, the company estimates revenue in the last quarter of this year to be between $31.5 billion and $34 billion. Analysts expect this number to be around $34.8 billion. Despite many criticisms and scandals, we see that the income growth of the social media giant continues.
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