Facebook, Inc.(NASDAQ:FB) reported that its quarterly profit grew along with its user base as it grapples with concerns ranging from political ads to cryptocurrency => https://www.livetradingnews.com/facebook-inc-nasdaqfb-reported-that-its-quarterly-profit-grew-along-with-its-user-base-as-it-grapples-with-concerns-ranging-from-political-ads-to-cryptocurrency-157687.html” data-toggle=”tooltip” title=”Share on Twitter” rel=”nofollow”> Follow on Facebook Subscribe by Email Print This Post
Facebook, Inc.(NASDAQ:FB) reported that its quarterly profit grew along with its user base as it grapples with concerns ranging from political ads to cryptocurrency
Facebook on Wednesday reported that its quarterly profit grew along with its user base as it grapples with concerns ranging from political ads to cryptocurrency.
The leading social network said its profit topped $6 billion on revenue that climbed 28 percent to $17.4 billion in the quarter that ended on September 30.
Meanwhile, the number of active monthly users increased eight percent from a year ago to 2.45 billion.
“We had a good quarter and our community and business continue to grow,” said Facebook chief and co-founder Mark Zuckerberg.
“We are focused on making progress on major social issues and building new experiences that improve people’s lives around the world.”
Facebook shares rose more than a percent in after-market trades that followed release of the earnings figures, which beat Wall Street expectations.
“I’m not surprised by Facebook’s strong performance last quarter.Advertisers continue to support Facebook, despite the many controversies swirling around the company, and the user base also continues to expand around the world,” said eMarketer principal analyst Debra Aho Williamson.
“Yes, Facebook has a lot of challenges it must deal with, but increasing its revenue and user count isn’t one of them.”
The California-based company said that costs rose 32 percent in the quarter, which ended with a headcount of 43,030 employees, an increase of 28 percent from the same quarter last year.
Facebook has been beefing up teams devoted to privacy and security to protect people’s data and thwart the kind of voter manipulation campaigns seen during the US election three years ago.
The earnings release came just hours after Facebook announced it took down accounts linked to a Russian ally of President Vladimir Putin seeking to spread disinformation in eight African countries.
The influence operations hiding behind fake identities were traced back to Yevgeny Prigozhin, who has been indicted in the United States in connection with a campaign targeting the 2016 US elections.
“Each of these operations created networks of accounts to mislead others about who they were and what they were doing,” Facebook cybersecurity chief Nathaniel Gleicher said in a statement.
“We’re constantly working to detect and stop this type of activity because we don’t want our services to be used to manipulate people.”
– Hands-off approach –
The accounts originated in Russia and targeted Madagascar, Central African Republic, Mozambique, Democratic Republic of Congo, Ivory Coast, Cameroon, Sudan and Libya, according to Facebook.
Facebook came under fresh criticism this week for its hands-off approach to political speech, as a group of employees and US lawmakers called on the social network to fact-check politicians spreading misinformation.
A letter from employees urged the company to crack down on “civic misinformation,” saying the spread of debunked claims is a “threat to what FB stands for.”
At the same time, US lawmakers critical of Facebook stepped up their calls for it to revisit its policy, which exempts comments and paid ads on the platform from fact-checking — an issue that has become heated with President Donald Trump’s online ads using what some called “provably false” claims.
“Being a politician shouldn’t be a license to lie — especially to spread hatred.If Facebook employees get it so should Zuckerberg,” tweeted Senator Richard Blumenthal.
Facebook said in response to an AFP query about the controversy that the social media giant remained “committed to not censoring political speech, and we will continue exploring additional steps we can take to bring increased transparency to political ads.”
Meanwhile, Twitter on Wednesday announced it would stop running political ads all together.
Zuckerberg recently faced a torrent of criticism on Capitol Hill over the Libra cryptocurrency Facebook is seeking to roll out next year.
“We clearly have not locked down exactly how this is going to work yet,” Zuckerberg told members of the House Financial Service Committee.
“The goal of Libra is to build a global payment system rather than a currency.”
He acknowledged that Libra could be limited to digital payment systems using individual currencies — a less ambitious plan than creating a new coin linked to a basket of major currencies.
Libra is backed by an alliance of companies in a nonprofit, Swiss-based association, but some lawmakers are skeptical about the project, and want Facebook instead to focus on data privacy.
Lawmakers did not hold back in their harsh criticism of Facebook’s data practices and doubts about Libra in particular.Technical Indicators
Overall, the bias in prices is: Upwards.
The projected upper bound is: 196.68.
The projected lower bound is: 180.00.
The projected closing price is: 188.34.
Candlesticks
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles.During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
Momentum Indicators
Momentum is a general term used to describe the speed at which prices move over a given time period.Generally, changes in momentum tend to lead to changes in prices.This expert shows the current values of four popular momentum indicators.
Stochastic Oscillator
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20).The Stochastic Oscillator is 70.2482.This is not an overbought or oversold reading.
The last signal was a sell 8 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas.The current value of the RSI is 54.61.This is not a topping or bottoming area.A buy or sell signal is generated when the RSI moves out of an overbought/oversold area.
The last signal was a sell 76 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas.The current value of the CCI is 44.This is not a topping or bottoming area.The last signal was a sell 0 period(s) ago.
MACD
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line.
The last signal was a buy 15 period(s) ago.
Rex Takasugi – TD Profile FACEBOOK INC A (FB.O) as of 30/10/2019
FACEBOOK INC A closed down -1.060 at 188.250.Volume was 105% above average (neutral) and Bollinger Bands were 18% narrower than normal.
Open High Low Close Volume___ 189.560 190.450 185.980 188.250 28,734,560
Technical Outlook Moving Averages: 10-period 50-period 200-period Close: 187.57 184.44 180.07 Volatility: 34 29 35 Volume: 14,298,410 12,908,954 16,464,886 Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
FACEBOOK INC A is currently 4.5% above its 200-period moving average and is in an upward trend.Volatility is high as compared to the average volatility over the last 10 periods.Our volume indicators reflect volume flowing into and out of FB.O at a relatively equal pace (neutral).
Our trend forecasting oscillators are currently bullish on FB.O and have had this outlook for the last 10 periods.
Facebook, Inc.(NASDAQ:FB) reported that its quarterly profit grew along with its user base as it grapples with concerns ranging from political ads to cryptocurrency added by HEFFX Australia on October 31, 2019.