(Conservative Hub) – In spite of the latest tsunami of destructive and damaging whistleblower revelations and leaked documents, Facebook reported soaring profits for the most recent quarter.
According to NASDAQ, Facebook’s stock rose more than 1% in after-hours trading before erasing its gains again on Tuesday. This, of course, was the day after now-infamous whistleblower Frances Haugen testified in front of British lawmakers in London, and over a dozen American-based news outlets delivered withering reports on the tens of thousands of leaked internal documents now known as the Facebook Papers.
Facebook has been quoted as saying its net income, bolstered by strong advertising revenue, has grown 17% in the third quarter period (July-September), to a whopping $9.19 billion. That’s up from a $7.85 billion profit for the previous quarter. Their overall revenue has blossomed by 35% to a total of $29.01 billion.
These recent results have far exceeded analyst assumptions. They seem to show that advertisers, which are the fuel for the majority of Facebook’s revenue, are not deterred by the recent disclosures that are drawing so much bipartisan anger in Congress.
Facebook CEO Mark Zuckerburg struggled to remain calm on a call with investors, bashing the criticism against his company. He stated that “Good faith criticism helps us get better, but my view is that what we are seeing is a coordinated effort to paint a false picture of our company”.
Whistleblower Frances Haugen is slated to testify to the European Parliament in November. And another Facebook whistleblower has also reportedly filed a complaint with the Securities and Exchange Commission as of Friday, accusing the company management of ignoring concerns related to hate speech.
So there’s one question that we all want to know the answer to. Why, despite all of the allegations, are Facebook’s stocks still soaring?
Is it truly because investors aren’t pushed away by the controversy of things like the Facebook Papers? Is it because of their recent name change? Or is there something else that the American public should be aware of concerning the tech giant Facebook?
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