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Facebook says security investments will affect profitability

Facebook CEO Mark Zuckerberg said on Wednesday that the company is 'serious about preventing abuse' and that its investments in security will affect its profitability.

Facebook, other social media firms facing political heat

Facebook (Regis Duvignau/Reuters)

Facebook CEO Mark Zuckerberg said on Wednesday that the company is "serious about preventing abuse" and that its investments in security will affect its profitability.

The company's third-quarter profit soared 79 per cent in the third quarter, to $4.71 billion US.

Facebook's top lawyer has spent the past two days testifying to Congress alongside executives from Twitter and Google about Russia-linked accounts' manipulation of their platforms.

Facebook Inc. said its third-quarter net income was $1.59 per share, topping expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of $1.29 per share.

The Menlo Park, California, company's revenue grew 47 per cent to $10.33 billion US. Wall Street predicted $9.88 billion.

Facebook continued racking up users. Monthly users rose 16 per cent to 2.07 billion. Daily users also climbed 16 per cent to 1.37 billion.

Revenue from mobile ads made up 88 per cent of total ad revenue, up from 84 per cent a year ago.

Facebook shares added 1.1 per cent to $184.60 in after-hours trading. Through the close of regular-session trading Wednesday, the stock was up 59 per cent since the beginning of the year, while the Standard & Poor's 500 index has increased 15 per cent.

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