Facebook is continuing to face growing scrutiny from regulators over the company’s acquisitions and also from critics for the role its social platform may have played in spreading lies regarding the recent US presidential election.
On Wednesday, the company announced that they had made a profit of $11.2 billion in the last three months of 2020, about 50% more than this time in the prior year. The Company’s revenue went up 33% to roughly $28 billion during the quarter, proving that the company is still standing strong in their advertising tactics despite the pandemic.
CEO Mark Zuckerberg said Facebook is considering actions it can take to reduce the amount of political content in the News Feed. “One of the top pieces of feedback that we’re hearing from our community right now is that people don’t want politics and fighting to take over their experience on our services,” Zuckerberg said.
Prior to the US Presidential election, Facebook decided to stop recommending political groups to its users on the interface. From recent conversations, the plan is to keep these recommendations out for the long term.
Facebook has reported that they currently have 3.3 billion monthly users across their various apps, including Instagram, Messenger and WhatsApp. The number of users has risen an astonishing 14% year-over-year.
Though Facebook ended their year on a strong note, there are definite challenges for the year ahead, including the “the evolving regulatory landscape” as well as the rapidly approaching iPhone software updates that are expected to hurt the online advertising landscape.