Sat, 26 Sep 2020

Facebook said its profits doubled as well compared with the same period last year, when it paid a hefty fine to US regulators, to $5.2 billion.

Revenue rose 11% to $18.7 billion, suggesting minimal impact from an ad boycott of the leading social network over its handling of hateful content and misinformation.

"We're glad to be able to provide small businesses the tools they need to grow and be successful online during these challenging times," said Facebook chief executive Mark Zuckerberg, as Facebook said its core social network grew to 2.7 billion while its total audience including its "family" of apps had more than 3.1 billion users.

Alphabet reported a rare drop in revenue and profit in a quarterly update that nonetheless topped market expectations.

Profit slumped some 30% to $6.96 billion from a year for the online giant that relies on digital advertising for most of its income.

Revenues dipped 2% to $38 billion, as chief financial officer Ruth Porat said: "We continue to navigate through a difficult global economic environment."

Alphabet shares edged up slightly in after-market trades following the release, while the other firms showed stronger share increases.

In Washington on Wednesday, the CEOs of the four tech firms faced an onslaught of criticism from US lawmakers at an antitrust hearing which could lay the groundwork for tougher regulation of the major internet platforms.

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