Facebook doubles profit, but sees cooling growth
The Hindu
The number of people using the social network monthly climbed to 2.9 billion.
Facebook on Wednesday reported its profit doubled in the recently ended quarter as digital advertising surged, but warned of cooler growth in the months ahead in an update which sent its share sinking. Profit jumped to $10.4 billion on revenue of $29 billion, a 56% increase from last year, mainly from a jump in ad revenues, Facebook said in its second quarter report. The number of people using the social network monthly climbed to 2.9 billion, a year-over-year gain of 7%. And some 3.5 billion people used at least one of the company’s apps including Instagram, WhatsApp and Messenger.
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