iWorld

Facebook's revenue rises by 28% to $16.9 billion in Q2 earnings

The company recorded a $2 billion charge in the quarter tied to the FTC settlement.

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2019/07/25/social.jpg?itok=Qm-20OYT

MUMBAI: Facebook beat analysts’ expectations in the second quarter, posting $16.9 billion in revenue with money from advertising pegged at $16.62 billion. The result came after hours aftee Facebook struck a $5 billion settlement with the Federal Trade Commission following the 2018 Cambridge Analytica scandal. The social media giant recorded a $2 billion charge in the quarter tied to the FTC settlement while it previously set aside $3 billion.

The social media giant’s earnings per share rose to $1.99 cents in the quarter and monthly active users across its family of services, which includes Instagram and Whatsapp, were 2.41 billion as of 30 June 2019, an 8 per cent increase year-on-year. Moreover, daily active users also saw an increase of 8 per cent reaching 1.59 billion on average for June 2019.

In addition, the company estimates that more than 2.1 billion people now use Facebook, Instagram, WhatsApp, or Messenger every day on average and more than 2.7 billion people use at least one of the company’s family of services each month.

“In July 2019, we entered into a settlement and modified consent order to resolve the inquiry of the FTC into our platform and user data practices. Among other matters, our settlement with the FTC requires us to pay a penalty of $5 billion and to significantly enhance our practices and processes for privacy compliance and oversight,” the company highlighted.

“In particular, we have agreed to implement a comprehensive expansion of our privacy program, including substantial management and board of directors oversight, stringent operational requirements and reporting obligations, and a process to regularly certify our compliance with the privacy program to the FTC. In the second quarter of 2019, we recorded an additional $2 billion accrual in connection with our settlement with the FTC, which is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet,” it added.

Facebook mentioned that the company was informed by the FTC in June that it had opened an antitrust investigation of its company. It also noted that the online technology industry and the company have received increased regulatory scrutiny in the past quarter. Moreover, the Department of Justice announced in July that it will begin an antitrust review of the market-leading online platform.

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/04/03/likee.jpg?itok=NzLcNrai
Likee collaborates with VYRL Originals to promote their latest release #LaalChunariya by Akull

MUMBAI: Likee, global short video creation platform from Singapore-based BIGO Technology Pte Ltd, has collaborated with VYRL Originals to promote their recently launched song - #LaalChunariya by the latest sensation in the industry, Singer, Songwriter – Akull. The song is a beautiful infusion of...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/04/03/EPICON_0.jpg?itok=IBnFyCpP
EPIC On brings season 2 of 'IQ Panga'

MUMBAI: EPIC On – India’s Storytellers is ready to host a more exciting and challenging Season 2 of the daily digital quiz, IQ Panga, to engage audiences across age-groups on the platform. IN10 Media’s premium OTT platform, EPIC ON, gearing for a revamped avatar, bolstered with a wide variety of...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/04/03/netflix.jpg?itok=mpQyssuk
Netflix to contribute $1 mn to the Producers Guild of India Relief Fund

MUMBAI: In response to the shutdown of film and TV production in the country since last month, which left thousands of crew and cast without jobs, streaming giant Netflix has announced a contribution of  $1 mn (approximately INR 7.5 crore) to the Producers Guild of India (PGI) Relief Fund.  

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/04/03/hungama.jpg?itok=7cbkUqwc
Hungama Play launches ‘Comedycha Raada’

MUMBAI: Hungama Play, a leading video-on-demand platform owned by Hungama Digital Media, today launched ‘Comedycha Raada’, a Hungama Original featuring stand-up comedy acts in Marathi. The show includes 10 episodes and features a total of 21 aspiring comedians performing fresh, topical and...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/04/03/docubay.jpg?itok=FgLHw0EK
DocuBay premieres 'Epicenter: 24 hours in Wuhan'

MUMBAI: After bringing some extraordinary titles across politics, crime, human issues in recent times, DocuBay adds a new and very topical film to its rich content library. While the world grapples to deal with the invisible enemy, this documentary brings to fore how the people of the city banded...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/04/02/zee5_0.jpg?itok=iapt7Tz6
Times Prime offers complimentary ZEE5 subscription to entertain during COVID-19 social distancing

MUMBAI: As more and more people stay home following state-imposed lockdowns or self-quarantine due to rising cases of COVID-19, Times Prime has partnered with ZEE5 to offer digital entertainment to all those who are confined to their home during this unprecedented situation. As part of this...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/04/02/zee5.jpg?itok=qOP-hX3c
ZEE LIVE’s Supermoon launches “Live to Home” on ZEE5

MUMBAI: Entertainment is a very important element of people’s lives. Be it commuting, office breaks or staycations at home, we all need some entertainment to keep us engaged and stimulated. It boosts our energy and desire to do everything that we need to do. As people stay indoors and look for ways...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/04/02/vmate.jpg?itok=x7RcAyBI
VMate launches #21DaysChallenge to ensure people stay busy at homes during lockdown

MUMBAI: Despite a strict countrywide lockdown enforced by Prime Minister Narendra Modi-led government, the authorities have been struggling to stop people from venturing out of their homes. While some people are moving out only in cases of exigencies, there are many who are doing so out of boredom...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/04/02/zoom.jpg?itok=bzYpKwco
Zoom comes under malware attack

MUMBAI: Hackers have been on the prowl, targeting popular video conferencing application Zoom as more and more people are resorting to virtual meetings in the wake of COIVD-19 pandemic. Such malware attacks, commonly called Zoom Bombing, have been reported from different parts of the world. In a...

iWorld Over The Top Services

Sign up for our Newsletter

subscribe for latest stories

* indicates required