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Monday 25.06.2018 | Name days: Maiga, Milija

Facebook profit down 79%

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Although social network Facebook’s revenues report a staggering climb of 40%, profits have plummeted as many as 79%, according to Mark Zuckerberg, CEO and founder of the company.

Facebook revenue performance is better than expected thanks to surge in people accessing site via mobile phones.

Fourth-quarter earnings of $64m are up 40% to $1.59bn, besides mobile revenues had doubled and mobile users exceeded PCs ones. Daily active users on mobiles during December hit 680m out of the 1.06bn monthly users, compared with 618m for PCs, reports The Guardian. A staggering 51% of the global Internet population now uses Facebook on monthly basis.

However, net income fell 79% to $64 million last quarter as operating expenses jumped 82%.

Zuckerberg also spoke of the new Graph Search feature, saying that it could “potentially turn into a meaningful business for us”, hinting at a challenge to Google.

As reported, in mid-January social network Facebook announced its latest addition – a search engine Graph Search, which allows users to make “natural” searches of content shared by their friends.

Search terms could include phrases such as “friends who like Star Wars and Harry Potter” and “friends of friends who are single in San Francisco”. The search engine includes things such as photos, status updates, location data as well as the things they have “liked”.

Back then Zuckerberg insisted it was not a web search, and therefore not a direct challenge to Google. However, it was integrating Microsoft’s Bing search engine for situations when graph search itself could not find answers. The same technology could be used for recruitment, he suggested, using graph search to find people who fit criteria for certain jobs – as well as mutual connections. Such queries are a key function of LinkedIn, the current dominant network for establishing professional connections, BBC reported.

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