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Facebook Profit Climbs Even After Criticism over Data

1Nov By PriyankaNo Comments

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Facebook Profit Climbs Even After Criticism over Data

31st Oct, 2019-- Leading Social media platform Facebook reported that its profit topped $6 billion on revenue that climbed 28 percent to $17.4 billion in the quarter that ended on September 30. Meanwhile, the number of active monthly users increased eight percent from a year ago to 2.45 billion. "We had a good quarter and our community and business continue to grow," said Facebook chief and co-founder Mark Zuckerberg. "We are focused on making progress on major social issues and building new experiences that improve people's lives around the world."Facebook shares rose more than four percent in after-market trades that followed the release of the earnings figures, which beat Wall Street expectations. "Advertisers continue to support Facebook, despite the many controversies swirlin...

Investor Paypal is Cautious about Facebook Cryptocurrency Libra

PayPal is cautious about the future of Facebook-backed cryptocurrency Libra, which is slated to debut with the pioneering digital payments firm as part of its oversight association. The International outcry is mounting over Libra with central banks, governments and regulators railing against Facebook's upstart cryptocurrency and questions over how it would be regulated. The social media giant unveiled plans in June for Libra which will roll out in 2020 to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units. "It's a non-binding commitment," PayPal investor relations vice president Gabrielle Rabinovitch said, the California-based company signing on to the Libra Association. "And obviously, I think there's a lot of work to happen be...

Facebook Introduced its Cryptocurrency “Libra”, Target 1.7 Billion People

Facebook entered into the world of cryptocurrency with its own digital money "Libra" designed to let people save, send or spend money as easily as firing off text messages. Facebook and some two dozen partners from US and Uk released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year. A Geneva-based nonprofit association will monitor the Libra, maintaining a real-world asset reserve to keep its value stable. The initiative has the potential to allow more than 1.7 billion "unbanked" people around the world access to online commerce and financial services, said Libra Association head of policy and communications Dante Disparte."We believe if you give peop...