The Wall Street Journal reports that Facebook has posted a record quarterly profit, reporting per-share earnings of $2.38 in the fourth quarter; up from $1.44 a year ago and beating Wall Street analysts projects of $2.18. The business had revenue of $16.91 billion for the quarter, compared to the consensus estimate of $16.40 billion.
Facebook's increased its user base in the USA and Europe, with profits up $6.9bn (£5.3bn) despite a year of scandals plaguing the social media giant. The CFO did note the company is facing a deceleration of revenue growth in 2019. "Today, we're also announcing that 2 million advertisers are using Stories to reach customers across our family of apps". During the same quarter in the prior year, the company earned $1.44 earnings per share.
Cardozo-who once wrote that Facebook's "business model depends on our collective confusion and apathy about privacy"-will take a privacy role working on WhatsApp. There's a lot more we need to figure out before we finalize the plan", Zuckerberg said". The CEO said the area he's most excited about is Instagram shopping and commerce opportunities.
The number of monthly users on Facebook went up 9% to 2.3 billion, the firm said in its latest update.
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Of the 1.52 billion global users during the fourth quarter, 186 million were located in the US and Canada.
Facebook said it now estimates that around 2.7 billion people use Facebook, Instagram, WhatsApp or Facebook Messenger each month, with two billion people using at least one of those apps every day.
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However, Facebook executives warned that expenses this year would soar 40% to 50% as they invest in data centres and security. Facebook's decreased average ad prices and increased ad impressions are a boon for marketers wanting to optimize ad dollars.
Despite a challenging year, Facebook has continually increased value for brands through developments like the expansion of Shoppable Advertising in Instagram Stories and Explore as well as new platforms for improving ad targeting like Portal.
The hire comes at the flawless time, as Facebook recently announced its plans to merge Messenger, Instagram, and WhatsApp leaving some questioning whether user privacy and data will be at risk. Private sharing in Groups and Stories is also set to become more central to the overall Facebook experience, the executive stated. With more than ten years of marketing management experience, she has contributed to a variety of traditional and online publications, including MarketingProfs.com, SoftwareCEO.com, and Sales and Marketing Management Magazine.