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Facebook profits rise in exposure from leaked documents | News

In fallout from Facebook paper Facebook reported on Monday that profits have increased in the last quarter in a document supporting the claim that social networks value financial success over user safety.

The company’s latest financial show followed the avalanche of reports on Facebook Papers, a huge pile of edited internal documents obtained by a consortium of news organizations, including the Associated Press. Facebook Whistleblower Frances Haugen’s Monday Testimony To a British lawmaker.

According to Facebook, July-September net income increased 17% to $ 9.19 billion, supported by higher advertising revenue. This is an increase from $ 7.85 billion in the previous year. Revenue increased 35% to $ 29,010 million. The results exceeded analysts’ expectations for Facebook results.

The company’s share price rose 2.5% in after-hours trading after closing 1% that day.

Debra Aho Williamson, an analyst at eMarketer, said: However, she predicted more revelations and explained the findings up to “anxiety and stomach agitation.”

CEO Mark Zuckerberg just briefly mentioned what he called “a recent debate over our company.” After Mr. Hogen testified at the U.S. Senate subcommittee on October 5, he claimed to welcome “honest criticism,” but the current storm is to draw a “false picture” of the company based on leaks. I think it is a “cooperative effort”. document.

“It’s good to say that we don’t solve these impossible trade-offs because we’re focused on making money, but in reality these questions are mostly about our business. It’s not about the difficult balance of social values, “Zuckerberg said. ..

Meanwhile, Hogen told the British Parliamentary Commission on Monday that social media giants have caused online hatred and extremism, unable to protect children from harmful content, and lacking incentives to solve the problem. .. Company.

While her testimony reflects much of what she did Told the US Senate This month, her face-to-face appearance drew a lot of attention from the British Parliamentary Commission, which is far more advanced in drafting legislation to curb the power of social media companies.

Haugen told the British Parliamentary Commission that the Facebook group is amplifying hatred online, and that engagement-first algorithms push mainstream interested people to the limit. A former Facebook data scientist said moderators could be added to prevent groups larger than a certain size from being used to disseminate the views of radicals.

“No doubt it exacerbates hatred,” she said.

Hogen heard it and said he was “shocked” Facebook wants to double what Zuckerberg calls the “Metaverse.” We believe that the company’s plans for an immersive online world will be the next big Internet trend.

“They plan to hire 10,000 engineers in Europe to work on the Metaverse,” Haugen said. “I was saying,’Do you know what you can do safely if you have 10,000 more engineers?'” She said.

Facebook said it wanted tech companies to regulate and was happy to have the UK take the lead.

“We have rules for harmful content and publish regular transparency reports, but we need industry-wide regulation to prevent companies like us from making these decisions ourselves. I agree, “Facebook said on Monday.

He noted that he would invest $ 13 billion in security and security since 2016, claiming that the amount of hate speech in the last three quarters was “almost half.”

Haugen accused Facebook-owned Instagram of not being enough to protect children from content, saying it prevented children under the age of 13, the user’s minimum age, from opening an account.

“Facebook’s own research explains that Facebook is a story of an addict. Children say,” This makes me unhappy, I feel like I have no ability to control its use, And I feel I’ll be banished if I leave, “she said.

Last month, the company postponed plans for a children’s version of Instagram for children under the age of 13 to address concerns about vulnerabilities for young users.

Faced with whether she believed Facebook was fundamentally evil, Hogen accused him of saying, “I can’t see the hearts of men.” Facebook isn’t evil, but she suggested it was negligent.

It was Hogen’s second appearance before the legislators following her Testimony in the United States She talks about the dangers the company poses, such as harming children, inciting political violence, and inciting false information. Haugen quoted an internal investigation document she secretly copied before quitting her job in Facebook’s civil integrity department.

A document provided by Haugen to the US Securities and Exchange Commission claims that Facebook prioritized profits over security and hid its own research from investors and the general public.Some file-based stories have already been published, revealing subsequent internal confusion. Facebook was blinded by the January 6th U.S. Capitol riot And how it is Dithering over the suppression of disruptive content in India.. More to come.

Representatives of Facebook and other social media companies plan to talk to the UK Commission on Thursday.

Haugen will meet with European Union officials in Brussels next month. There, Brock’s executive committee updates its digital rulebook to better protect Internet users by keeping online companies more responsible for illegal or dangerous content.

Under British rules, which are expected to come into effect next year, Silicon Valley giants face a final penalty of up to 10 percent of global revenue in the event of a breach. The EU has proposed similar penalties.

Washington Associated Press author Mercy Gordon contributed to this report.

Copyright 2021 AP communication. all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

Facebook profits rise in exposure from leaked documents | News

Source link Facebook profits rise in exposure from leaked documents | News

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