Facebook’s Q3 Revenue & Earnings Top Estimates, Says Security Costs Will Impact Profit

Social media giant Facebook posted record revenue and profits in its third quarter, exceeding Wall Street’s already rosy expectations.

Facebook said its quarterly revenue rose to $10.3 billion — a jump of 47 percent from $7.01 billion a year earlier. Wall Street analysts had been forecast revenue of $9.84 billion for the period ending Sept. 30.

Net income soared to $4.7 billion, or $1.59 per share; a bump of nearly 80 percent that shot past consensus per-share estimates of $1.28, according to Thomson Reuters.

Facebook’s ability to target advertising has become so effective that some in Congress have discussed regulating political advertising, especially in the wake of testimony about the extent to which Russian operatives used its platform to spread misinformation during the 2016 elections.

Chief Executive Mark Zuckerberg obliquely referred to the abuse of the platform in his statement accompanying earnings.

“Our community continues to grow and our business is doing well,” Zuckerberg wrote. “But none of that matters if our services are used in ways that don’t bring people closer together. We’re serious about preventing abuse on our platforms. We’re investing so much in security that it will impact our profitability. Protecting our community is more important than maximizing our profits.”