Facebook Revenue Soars As Time Spent on Platform Plummets

Facebook announced Monday that it’s going to put more local news in users’ news feeds as part of an ongoing campaign to make users “happier.”

"It's an important part of making sure the time we all spend on Facebook is valuable", Zuckerberg wrote. Both daily and monthly active users rose 14 percent year-on-year, to respectively 1.40 billion and 2.13 billion.

It's unclear if the declines are as a result of Facebook's intervention. "We're doing this by encouraging meaningful connections between people rather than passive consumption of content". As Facebook likes to say, "friends and family come first".

It is estimated that changes will also affect Facebook's Instagram. Felder, who works in digital marketing for entertainment websites and has a lifestyle blog, still has the Facebook app on her phone but she's turned off notifications. Facebook's growth is nothing short of spectacular, especially when you consider it's a more than $550 billion (by market cap) behemoth. Facebook noted that large publishers are still eligible to be consider local sources as long as they meet the regional traffic requirements.

Total revenue was $12.97 billion for the fourth quarter of 2017, up 47% from this time past year, with ad-related revenue making up the bulk at $12.78 billion.

Analysts had expected that Facebook would generate revenue of revenue of $12.54 billion and earnings of $1.95 per share.

As a result, Facebook said its earnings per share was lower by 77 cents.

Excluding a tax provision, the company earned $2.21 per share, topping analysts' estimates of $1.95, according to Thomson Reuters I/B/E/S.

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Shares of the company were down 3 percent at $181.26 after the bell on Wednesday. Research suggests that reading local news is directly correlated with civic engagement. This change is one of the many signals that go into News Feed ranking. Compared to last quarter, the number of daily active users fell from 185 million to 184 million users.

"2017 was a strong year for Facebook, but it was also a hard one", he said in a statement.

Well, there's good news on that front in a recent update from the social media company. Facebook is also under fire for exploiting vulnerabilities in human psychology to hook people on social media, hijacking their time and attention and undermining their well-being.

But aside from pleasing investors, CEO Mark Zuckerberg has pledged that his company has to do better for society. By prioritizing your News Feed you can switch it back to the good ol' days.

Following the heightened scrutiny, Zuckerberg has gone on to unveil a series of significant changes to the News Feed, in efforts to inspire more "meaningful" interactions on Facebook and to offer users more trustworthy news sources.

Zuckerberg previously said the change could lead to a drop in user engagement and time spent on the platform, but would ultimately improve the quality of the user experience.

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