Facebook, while currently embroiled in scandal after whistleblower Frances Haugen leaked internal documents to The Wall Street Journal, has announced its Q3 financial results.
It recorded a 35 per cent increase in total revenue, growing to US$29.01 billion – though analysts had predicted a higher figure of $29.57 billion.
Its net profit also grew by 17 per cent to US$9.19 billion.
Average daily active users (which Facebook calls DAUs) grew 6 per cent year-on-year to 1.93 billion, while monthly active users (MAUs) also grew by 6 per cent YoY to 2.91 billion.
In an earnings call, CEO Mark Zuckerberg highlighted the company’s areas of ongoing focus, most significantly, a renewed interest in the 18-29 age bracket.
He highlighted Instagram Reels, which compete with TikTok – who Zuckerberg called “one of the most effective competitors we have ever faced.”
According to Zuckerberg, a years-long focus on Reels could make the product as significant as Facebook’s News Feed to the company.
He also indicated a shift away from prioritising older Facebook users, saying: “over the last decade as the audience that uses our apps has expanded so much and we focus on serving everyone, our services have gotten dialed to be the best for the most people who use them rather than specifically for young adults.”
During the call, he aplayed down criticism facing the company as a result of Haugen’s whistleblowing, saying they were a “false picture of our company”.
Also significant was the announcement of a $10 billion investment into the metaverse. Facebook’s interest in the metaverse had already been reported in the context of a potential brand name change.
According to Facebook CFO David Wehner, that investment could come through the Facebook Reality Labs.
Zuckerberg said: “This is not an investment that is going to be profitable for us any time in the near future. But we basically believe that the metaverse is going to be the successor to the mobile internet.”
The Athlete’s Foot, also known as the “Experts in Fit”, have commissioned some well-known faces to explore a range of topics all related to FIT in their new online series #FITTALK. Each season, a new host will tackle different topics ranging from finding the right shoes for your activity, enhancing your FIT with the correct […]
BBC Studios will produce Space 22, its first locally created format for the ABC in Australia. Space 22 will explore the impact of art and creativity on mental health in a new six-part documentary series. The series, which is created and produced by BBC Studios’ Australian production arm, will also be available to the international […]
Sanitarium and Milk + Honey United have launched a visually striking new campaign for The Alternative Dairy Company’s range of plant-based milks The national campaign, ‘Today’s Milk’, will launch via online video, OOH and social and digital, and will focus on the company’s diverse range of soy, oat and almond milk variants. Creative executions will […]
A collective of Brisbane-based creatives are getting behind Lifeline Queensland’s Giving Day campaign in a bid to rally funds for their Crisis Support service. BCM Group, Israel Rivera, and Rosco Audio are calling on their networks to donate during the 12-hour digital fundraiser on Thursday the 25th of November. Managing director of BCM Group, Phil […]
Commonwealth Bank have combined their long-running support for women’s cricket, with their recent sponsorship of women’s football and The Matildas for an empowering new summer campaign. ‘The Game Changers’ aims to champion both elite and grassroots female cricketers and footballers, who through their skill and passion are moving the game forward and changing it for […]
The BBC is on track to achieve a record half-a-billion global viewers by the time of its centenary celebrations in 2022. The forecast is based on the Global Audience Measure (GAM) published today, which records the total weekly number of adults accessing the BBC around the world. The GAM found the broadcaster had achieved its […]