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Facebook Reports Huge Income Despite Issues With Fake News

By February 2, 2017 at 8:07 am
Mark Zuckerberg (Photo : David Ramos | Getty Images News)

Facebook may be criticized for its fake news issue. But that doesn't stop the social media king from making money.

The company has been facing a lot of criticisms in its role in the media industry. Because the popular social media platform is home to more than a billion users, it now has the power to influence a lot of users and can sway public opinion. At the forefront of the issue is the spread of fake news on Facebook in which the company had little to no effort on addressing the problem.

But despite that, Facebook wouldn't mind having those problems as when it comes to making a profit, the tech company is absolutely killing it. The company's shares rose by 3 percent as a result of their huge earnings.

After 5 years since announcing its IPO, the company has reported sales of $8.81 billion in 3 months that ended in December. The reported sales shattered analyst's expectations of $8.51 billion.

Moreover, Facebook is now home to 1.86 billion users which is up from 1.79 billion a quarter a year ago. It means that 2 out of 7 people in the world are now Facebook users.

Facebook CEO Mark Zuckerberg says that the company's most important mission is to connect the world. 2016 was a good year for the company but they still have a lot of work to do according to the CEO.

The company has been in constant feuds with the media industry. Facebook is blamed for President Trump's recent presidential victory due to the fake news spreading on the social media platform. While others said that the company contributed to putting blinders on voters as their algorithm tend to favor articles that align with people's views.

As a response, in December, Facebook offered a plan to combat fake news with a partnership with third party fact checkers. This will certainly help the company regain some of their trust among the public.

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