Sunday, 19 August, 2018

Facebook posts $4.2bn profit as Mark Zuckerberg laments 'hard year'

Facebook Facebook
Guillermo Lane | 01 February, 2018, 00:42

The changes to News Feed are geared to promote more meaningful social interactions but is doing so at the expense of engagement and content from businesses, brands and media.

"2017 was a strong year for Facebook, but it was also a hard one", he said. Zuckerberg disclosed on Wednesday that changes made last quarter reduced time spent on the platform by "roughly 50 million hours every day". Its popularity in the USA appears to have waned, though, with a decline from 185 million to 184 million daily domestic users from last quarter.

Facebook's stock closed the day down less than one percent, or 23 cents, to $186.89. The company raked in a record revenue total of $12.97 billion last quarter, a 47 percent year-over-year increase.

The update to the news feed is rolling out only to the US for now, but Facebook said it will expand the changes to other countries later this year. "But I also expect the time you do spend on Facebook will be more valuable", he wrote. Mobile advertising revenue now makes up 89 percent of overall ad revenue, up from 84 percent a year prior. On the Q4 2017 earnings call, Mark Zuckerberg announced that WhatsApp passed 1.5 billion monthly active users and sees 60 billion messages sent per day.

It was another busy three months for the social network.

Facebook's audience continues to grow, however. "Protecting our community is more important than maximizing profits", said the 33-year-old co-founder.

Man City make final £65m cash-plus-player offer for Mahrez
The Leicester winger handed in a transfer request yesterday and has refused to train with his team-mates over the last two days. It is understood that the Foxes were only prepared to do business if City could put together a deal worth around £95 million.


And though Facebook still has demons to battle, they aren't affecting revenue.

While posts from family and friends will still be ranked higher on the social network, news will make up about 4 percent of News Feed, Zuckerberg said this month.

We identify local publishers as those whose links are clicked on by readers in a tight geographic area.

Read: Is Facebook into kids' mind control now?

Facebook sent a tremor through US politics previous year when it said that Russian agents used Facebook to try to sway American voters from 2015 to 2017, an allegation that Moscow denies. Nevertheless, it's been surprisingly popular with a younger demo, according to Morgan Stanley, with 40 percent of users between 16-34 checking out Watch content on a daily basis.

And so these tweaks to the News Feed, above all else, are a result of what Facebook's engineers have seen for themselves.

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