Facebook profit reaches 9 billion in nine months

The world’s largest social media company Facebook, Inc has announced earning USD 9 million (EUR 7.7 billion) in the first three quarters of 2021. The financial results of the American company have been little affected by a scandals on maximising profits and focusing on alarming content at a time of dangerous Covid-19 disinformation, British public broadcaster BBC reports.
On Monday, October 25, Facebook, Inc informed investors that it had made USD 9 billion (EUR 7.7 billion) of profit in the three months to September. It is an increase from USD 7.8 billion (EUR 6.7 billion), in the respective period of 2020.
Over 12 months to 30 September, the social media giant said its monthly user-base had grown 6% to 2.91 billion. Although the profits were strong, its revenue slightly undershot analyst expectations. As to future plans, the firm noted it would spend some USD 10 billion (EUR 10 billion) on its metaverse division in 2021 (known as Facebook Reality Labs). Its aim is to develop augmented and virtual reality hardware, software and content.
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Facebook, Inc is meanwhile under scrutiny from global lawmakers and regulators, including from the US Federal Trade Commission, which has filed an antitrust lawsuit alleging anticompetitive practices, BBC.