Facebook has delivered a good progress in the third quarter of 2021, said the company’s chief executive Mark Zuckerberg while announcing the company’s results.
“We made good progress this quarter and our community continue to grow,” he said. “I’m excited about our roadmap, especially around creators, commerce and helping to build the metaverse.”
The social media registered a 33 per cent increase in revenues, going from $21.2bn in 2020 to $28.2bn this year, with a 30 per cent increase in income from operations.
The net income grew by 17 per cent, from $7.8bn to $9.1, as the earnings per share increased by 19 per cent to $3.22.
Commenting on the results Tim Cowen, chair of antitrust practice at UK law firm Preiskel & Co, told City A.M: “Facebook appears to be profiting from a dysfunctional system that will be increasingly regulated.
“It knows this and is seeking regulation, which tells us that it expects regulation to benefit Facebook more than others.”
Talking about the fourth quarter, the company predicts it will be slightly below analyst estimates, as a result of both micro and macro economic causes.
“We expect fourth quarter 2021 total revenue to be in a range of $31.5 billion to $34 billion. Our outlook reflects the significant uncertainty we face in the fourth quarter in light of continued headwinds from Apple’s iOS 14 changes, and macroeconomic and COVID-related factors,” read the chief financial officer’s outlook.
The news comes on the same day Frances Haugen, the former product manager on Facebook’s civic misinformation platform, appeared in front of the Joint Committee saying the social network sees safety as a cost centre.
Haugen said that, because of the way the algorithm is designed, it promotes divisive content and will fuel more violent episodes, City A.M. reported this afternoon.
The algorithm is also pushing people to the extremes. “So someone centre left, they’ll be pushed to radical left, someone centre right will be pushed to the radical right,” she added.