Facebook posts $11.22 billion in net income for Q4
In the earnings call, CEO Mark Zuckerberg named Apple as one of its biggest competitors and expressed concerns over the latest iOS update that cripples FB's ad targeting capabilities
Facebook today reported financial results for the quarter and full-year ended December 31, 2020. The tech giant posted soaring earnings in the quarter.
"We had a strong end to the year as people and businesses continued to use our services during these challenging times," said Mark Zuckerberg, Facebook founder and CEO. "I'm excited about our product roadmap for 2021 as we build new and meaningful ways to create economic opportunity, build community and help people just have fun."
Facebook posted $11.22 billion in earnings or $3.88 per share, in the October-December, up 53% from the earlier year. FB revenue grew 22% to $28.07 billion.
The platform's monthly user base grew 12% to 2.8 billion. Its employee count shot to 58,604, up 30% from the year earlier.
The company, however, listed the privacy update from Apple as one of its challenges for 2021. The update, which allows iOS users to block Facebook from tracking their activity across other company’s apps and websites, could limit the social network's ad targeting capabilities.
He also touched upon WhatsApp privacy updates: "I think these are the privacy principles that matter most to people -- first and foremost people care that their conversations stay private, but after that people also care about safety and other convenience too. And from this perspective, WhatsApp -- and the direction we're heading in with Messenger -- are the best private social apps available."
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