Facebook on Wednesday reported that profits leapt on booming revenue from online ads in the third quarter, topping investor forecasts and buoying shares already at record highs. The leading social network said it made a profit of $4.7 billion in the quarter that ended on September 30, a jump of 79 percent from the same period a year earlier.
Chief executive Mark Zuckerberg used the update to address criticism of Facebook for allowing disinformation and manipulation during the 2016 US presidential election, hours after the company's top lawyer faced a grilling at a Washington congressional hearing. "But none of that matters if our services are used in ways that don't bring people closer together. We're serious about preventing abuse on our platforms. We're investing so much in security that it will impact our profitability. Protecting our community is more important than maximizing our profits." Facebook shares that ended the day up 1.4 percent to $182.66 but retreating in after-market trades to $179.25.
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