Facebook celebrates profitable quarter despite mounting criticism and allegations

Despite the recent whistleblower scandal, Facebook generated "better-than-expected" revenue, this quarter, totalling US$9bn.
Despite the recent whistleblower scandal, Facebook generated “better-than-expected” revenue this quarter, totalling US$9bn.

The tech giant Facebook has shared that it has made a US$9bn profit in the last three months; an increase from $7.8bn last year. In addition, it has had a 6% year-on-year increase in active daily users, which totals around 1.93 billion as of September 2021. Due to a boom in online advertising, the social media giant has increased revenue by $29.01bn.

This news is a surprise for many as the company has faced considerable backlash in the wake of the former employee whistleblower, Frances Haugen, who has accused the tech giant of placing profit above public health. Haugen revealed herself as the Facebook whistleblower after leaking a cache of internal documents that place Facebook in a damning light. She shared the several thousand documents with the Wall Street Journal, revealing that the company was lying about its progress on handling misinformation and violence.

“The thing I saw at Facebook over and over again was there were conflicts of interest between what was good for the public and what was good for Facebook. And Facebook, over and over again, chose to optimize for its own interests, like making more money,” she said.

Haugen joined Facebook in 2019 as a product manager on its civic integrity team, which focuses on election-related issues globally. She cites her decision to join Facebook as a personal mission to combat misinformation. However, her decision to expose Facebook stemmed from her shock at company policies that prioritized profit over public safety. “The version of Facebook that exists today is tearing our societies apart and causing ethnic violence around the world,” she said.

“No one at Facebook is malevolent,” Haugen told 60 Minutes. She said Mark Zuckerberg, Facebook’s founder “has never set out to make a hateful platform”. Despite this, the company still needs to take responsibility for its choices, she said.

Possible rebrand in the wake of allegations

According to a trusted source obtained by The Verge, Facebook is going to rebrand itself. This news follows hot on the heels of the revelation from a whistleblower that Facebook has been managing its users’ safety poorly and Mark Zuckerberg’s plans to develop the metaverse. According to The Verge, the rebrand is going to be announced in one week at the Facebook Connect conference on 28th October. 

What is the metaverse?

“It’s a virtual environment,” explained Zuckerberg. “We can be present with people in digital spaces. And you can kind of think about this as an embodied internet that you’re inside of rather than just looking at. And we believe that this is going to be the successor to the mobile Internet.

“You’re going to be able to access the metaverse from all different devices and different levels of fidelity from apps on phones and PCs to immersive virtual and augmented reality devices.

READ MORE: 

“Within the metaverse, you can build a hangout, play games with friends, work, create and more. You’re basically going to be able to do everything that you can on the internet today, as well as some things that don’t make sense on the internet today like dancing.

For more news from Top Business Tech, don’t forget to subscribe to our daily bulletin!

Follow us on LinkedIn and Twitter

Facebook, Futurism, Facebook celebrates profitable quarter despite mounting criticism and allegations

Amber Donovan-Stevens

Amber is a Content Editor at Top Business Tech

Personalization is the beating heart of successful hybrid cloud

Amber Donovan-Stevens • 27th November 2021

In the post-millennial era of real world cloud deployment, the modern digitally distributed nature of businesses requires a range of infrastructure options to allow each customer to leverage a mix of cloud technologies to best suit their unique needs while optimizing the associated costs. How can we enable this kind of flexibility in the face...

The Best Ten Rated Cloud Security Management Options For Business

Erin Laurenson • 24th November 2021

Cloud Security programs that can carry out safety procedures and address or flag potential high-risk elements are now critical, allowing businesses to function normally without fearing a potential breach. To help you find the best Cloud management and security system for your business, we’ve done the research and found the top systems presently available on...

How the cloud can drive organizational sustainability goals

Amber Donovan-Stevens • 24th October 2021

Mark Hughes, RVP of UK & Ireland, Epicor, explores cloud computing’s implications for organisational sustainability practices and introduces the key findings of Epicor’s survey of technology decision-makers in the US and the UK.xplains how cloud technology can spearhead an organizations sustainability initiatives.