"I've directed our teams to invest so much in security, on top of the other investments that we're making, that it will significantly impact our profitability going forward", Zuckerberg told investors during the call.
With 1.37 billion daily active users and 2.07 billion monthly active users, Facebook again topped expectations when it reported 79 percent increase in its quarterly profit and almost 50 percent rise in revenues in the third quarter.
Facebook CEO Mark Zuckerberg did a "masterful" job discussing the impact of Russia's election meddling during the company's post-earnings conference call, CNBC's Jim Cramer said Thursday.
"Protecting our community is more important than maximizing our profits", Zuckerberg said. The latest user numbers: Facebook daily active users were up 16% to 1.37bn, while monthly active users were up 16% to 2.07bn. "But none of that matters if our services are used in ways that don't bring people closer together".
Appearing in front of a Senate judiciary subcommittee, Facebook confirmed reports that ads bought in Russian Federation were delivered to an estimated 126m people during last year's election campaign. Monthly Active Users were 2.07 billion for September 30, 2017, an increase of 16%.
Business Insider reported Facebook explaining that the changes were due to "a new methodology for duplicate accounts that included improvements to the data signals we rely on".More news: Constitution Bench of SC commences hearing on Delhi-Centre governance row
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Facebook CFO David Wehner said Facebook will boost its expenses 45-60 per cent in 2018 in order to fund security efforts following the Russian intrusion as well as in furthering original video content, Artificial Intelligence (AI), Virtual Reality (VR) and Augmented Reality (AR). However, by the third quarter of 2017, its headcount has grown to 23,165 people, possibly driven by the need to police its social network for fake news and political interference.
Zuckerberg said Facebook's recently launched Watch tab is an example of how it is capitalizing on this opportunity.
During this week's hearings at Capitol Hill, Facebook's counsel Colin Stretch said that the social network intends to hire 10,000 more workers to increase safety and review content, effectively doubling the number of reviewers to 20,000. It plans to double its security engineering work force.
"Facebook's expansion into additional markets such as Asia Pacific, will further expand its reach and continue to keep the social giant far ahead of its peers in regard to sheer volume and therefore engagement and potential ad revenue".
Trust engineers to find a silver lining in stormy clouds.