Facebook's profits jump despite misinformation fallout
CBSN
Amid fallout from the Facebook Papers showing that the social media giant sometimes ignored the adverse effects of its platform on users, the company on Monday reported sharply higher quarterly profits, buoyed by strong advertising revenue.
Facebook said its net income grew 17% between July and September to $9.2 billion, up from $7.8 billion, a year earlier. Revenue rose 35% to $29 billion, beating analyst expectations of $24.5 billion. Facebook shares added 1% on Wall Street Monday and rose another 1% to $332.43 in after-hours trading.
The company already predicted uncertainty for 2021 back in January, saying its revenue in the latter half of the year could face significant pressure. Because revenue grew so quickly in the second half of 2020, Facebook said at the time that it could have trouble keeping up that pace. But as the company's stock price shows, investors were not surprised by Monday's results.
