Facebook's revenue, profit grow, but not as fast as its spending
Social media giant's Q3 expenses jumped 62%, against 41% and 11% rises for revenue and profit respectively
New York
IT takes money, the adage goes, to make money. And Facebook is spending a lot of dollars to do just that.
The social media giant on Wednesday posted another quarter of robust revenue growth - up 41 per cent in the third quarter from a year earlier to US$4.5 billion - fuelled by its mobile advertising business and an increase in daily users. Net profit rose to US$896 million, up 11 per cent from a year ago.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Brokers’ take: DBS cuts Venture Corp price target after Q1 earnings miss
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses