Economy

Facebook lost millions of users in Europe

Facebook lost millions of users in Europe”

Shares were down as much as 4.3 percent after-hours before climbing as much as 5 percent, to $153.72, as Zuckerberg explained the growth of the Stories platform during a conference call with analysts.

"When you're talking about security issues and some of the safety and content issues, these are not problems that we fix, right?"

MAUs in the USA and Canada came to 242 million, up from 241 million last quarter.

"I can't tell you just yet what that time frame is going to look like, but I think we're well positioned over the long term because we're leading in Stories and in basically every country", he said.

Facebook reported better-than-expected third-quarter earnings per share on Tuesday.

Facebook disclosed its vision for the future along with its quarterly financial results, which showed slowing growth in revenue and in the numbers of new users. That revenue growth marks the slowest growth rate in Facebook's history. That's left company spending heavily on more experimental projects.

Still, some analysts expect Facebook's reputation to recover.

James Cordwell, analyst at Atlantic Equities, described the results as "likely something of a relief to the market".

A recent Pew Research Center survey found that more than a quarter of U.S. Facebook users have deleted the app from their phones and 42 percent have taken a break for at least a few weeks.

Zuckerberg said that Facebook's problem is that users are gravitating towards features such as direct messaging and video viewing faster than it can find ways to place ads there while attracting clicks and not annoying users.

After alerting investors to increasing costs and slowing growth, Facebook reported profit that topped expectations and added additional users despite a hard year for the social-media giant.

Mobile ad revenue continues to represent an ever larger share of Facebook's total ad revenue.

While messaging apps may be just one part of Facebook's business, it is a very important part.

Facebook lost 1 million monthly users in Europe for the second straight quarter.

The company disclosed its latest gaffe on Tuesday, saying that its misclassification of user activity had led to immaterial overcounting of monthly and daily users.

The social network has had a tough year what with the Cambridge Analytica scandal and the recent disclosure that 29 million users may have had their private data compromised.

It also has been rocked by domestic and global information warfare on its services, including WhatsApp and Instagram, and a wave of executive departures. Facebook also managed to eke out a small usage gain in the United States and Canada. Revenue was $13.73 billion, an increase of 33 percent, for the July-September period. Estimates were for 2.292 billion and 1.508 billion, according to Refinitiv averages. During its earnings call, the company said 2019 will be a year of significant investment in the "arms race" against security breaches, fake news, and inappropriate content.

Background: Last quarter, Facebook had a pretty bumpy ride.

The earnings report comes a week before an even bigger test for the company: The US midterm elections. Facebook's stock yo-yoed slightly in after-market trading on Tuesday.



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