Facebook Posts 61% Rise in Operating Profit in the Fourth Quarter
January 31 2018 - 3:57PM
Dow Jones News
By Deepa Seetharaman
Facebook Inc. reported a big tax charge but said quarterly
operating profit rocketed, a stark reminder of its continued
dominance in digital advertising despite mounting criticism from
lawmakers, customers and even company insiders that its social
network of more than 2 billion users is harmful to society.
Shares of Facebook, up 43% over the past year, fell 4% to
$179.38 in after-hours trading.
In the fourth quarter, typically the heaviest spending period
for advertisers, Facebook's operating profit rose 61% to $7.35
billion. Including a $3.19 billion tax charge -- of which $2.27
billion, or 77 cents a share, stemmed from the new congressional
tax overhaul -- profit was $4.27 billion, or $1.44 a share. Revenue
leapt 47% to $12.97 billion.
Chief Executive Mark Zuckerberg said in a statement that 2017
was "a strong year for Facebook, but it was also a hard one."
Earlier this month, Mr. Zuckerberg said he has resolved to "fixing"
problems that threaten to damage the company he co-founded in 2004,
including discouraging users from passively consuming content found
in their newsfeed.
(END) Dow Jones Newswires
January 31, 2018 16:42 ET (21:42 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Meta Platforms (NASDAQ:META)
Historical Stock Chart
From Apr 2024 to May 2024
Meta Platforms (NASDAQ:META)
Historical Stock Chart
From May 2023 to May 2024