How to watch Facebook, Google, and Twitter get grilled by Congress again

Posted November 02, 2017

Sen. Angus King (I-Maine) told Twitter, Google and Facebook on Wednesday afternoon that he believes Russian Federation got a "free pass" for the interference it caused on American social media giants' platform ahead of the 2016 election and other campaigns it has waged.

The 49 percent increase in total ad sales in the latest quarter, compares with a 47 per cent rise in the prior quarter and a 51 per cent jump in the first quarter.

Analysts on average had expected total ad revenue of US$9.71 billion, according to data and analytics firm FactSet.

As always, its booming advertising business was the driver.

However, even in prepared remarks, founder and Chief Executive Mark Zuckerberg (pictured) felt compelled to nod to recent problems with exploitation of its platform, now a prime source of news, fake and real, for many people. We're investing so much in security that it will impact our profitability.

That comes after Zuckerberg opened wrote in today's earnings release that "We're serious about preventing abuse on our platforms. Protecting our community is more important than maximizing our profits". "But none of that matters if our services are used in ways that don't bring people closer together".

During a Tuesday hearing with the Senate Committee on the Judiciary, Colin Stretch, Facebook's general counsel, said most of the Russian ads on the company's platform were used to direct the social network's users to related pages on the site, where they could view unpaid posts from the groups. And last month, the company said it would hire 1,000 new workers to review ads for adherence to its policies.

Facebook still makes the vast majority of its money with advertising - more than 98 percent of the Q3 revenue came from ads, to be precise.

It's up less than 1 percent so far in after-hours trading.

Facebook Inc (NASDAQ:FB) 3Q17 earnings were released after closing bell tonight, and the company reported earnings of $1.59 per share on $10.33 billion in revenue.

Facebook (FB) said it had 1.37 billion daily active users, a 16% year-over-year increase, while its monthly active user base also grew 16% to 2.07 billion.

Politicians from both United States parties took tech company officials to task in a hearing for failing to better identify, defuse and investigate Russia's campaign to manipulate voters over social media.