Facebook Post Solid Revenue Growth in Q3, Seeks to “Re-equip” to Attract Younger Users

Thousands of pages of research disclosed. Reports crying out for an “existential crisis”. Apple’s privacy updates affect ad visibility. And yet, the Zuck machine keeps growing.

Facebook said third-quarter revenue was up 35% from a year ago and 3.58 billion people worldwide were using its apps, up 12% from the previous year. Investors pushed stocks up nearly 2% after office hours, relieved that FB continues to increase sales and users despite its regulatory and PR nightmares.

  • The company is also undergoing a reshuffle in anticipation of a metaverse-driven future. Facebook is separating financial reporting from its Facebook Reality Labs unit, which houses virtual and augmented reality products, such as Oculus.

About these PR nightmares: Dozens of publications have issued damning reports on the company’s practices based on documents provided by whistleblower Frances Haugen. Restless CEO Mark Zuckerberg tagged it a “coordinated effort to selectively use leaked documents to paint a false picture of our business” when calling for results.

Looking ahead …Zuck knows he’s getting creamed by rivals like TikTok to engage young users, so he said the company will be “retooling” their products over the next several years to make “serving young adults the North Star. , rather than optimizing for older people ”.

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