February 3, 2018 12:52 AM NPT
Past expectations as its quarterly earnings reports consistently delivered solid results, making 2016 look small fry. As our infographic shows, in the full year figures, the company posted a year-on-year increase in net income of 56 percent. Bettering the $10.2 billion in 2016, last year put $15.9 billion in Facebook’s coffers. Revenue is a similar story, with a 47 percent year-on-year increase to $40.7 billion. A fall in net income from Q3 to Q4 is due to a $3.19 billion tax charge arising from President Trump’s 2017 Tax Cuts and Jobs Act.
CEO Mark Zuckerberg said the company had nevertheless had a “hard” year, adding: “In 2018, we’re focused on making sure Facebook isn’t just fun to use, but also good for people’s wellbeing and for society”. Having been caught up in Russian interference in the U.S. 2016 election, the company has warned that a move away from passive consumption of news and video to a focus on building more personal connections between its users could negatively affect the amount of time people spend on the social network. Admitting that “the world feels anxious and divided and that has played out on Facebook”, Zuckerberg assured that “helping people connect is more important than maximizing the time spent on Facebook”.