Facebook Profits Jump 17 Percent – The New York Times

The results were a continuation of the company’s strong financial performance during the coronavirus pandemic, which has pushed people indoors toward their computers and other devices.Credit…Kelsey McClellan for The New York TimesOct. 25, 2021Updated 6:02 p.m. ETFacebook said on Monday that revenue rose 35 percent to $29 billion in the three months ending in September compared with the same period last year, while profits rose 17 percent to $9.2 billion, a sign of the social network’s financial strength as it faces a public relations crisis over troubling disclosures made by a former employee.Advertising revenue, which is responsible for the vast majority of Facebook’s income, rose 33 percent to $28.3 billion. “Other” revenue, which consists largely of sales of Facebook’s virtual-reality Oculus hardware, rose 195 percent to $734 million.Some 3.6 billion people now use one of Facebook’s apps every month, up 12 percent from a year earlier.“We made good progress this quarter and our community continues to grow,” said Mark Zuckerberg, Facebook’s founder and chief executive. “I’m excited about our road map, especially around creators, commerce and helping to build the metaverse” — a vision of the future espoused by technologists in which disparate parts of the digital world will merge…
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