GMB: Ranvir Singh shuts down Facebook VP for Northern Europe
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Facebook registered $9.2billion in profits (around £6.5billion) in the three months to September, its latest quarterly earnings report has revealed. In comparison, the company made $7.8billion in profit during the same period last year.
Despite increasing its profits, the social media giant has found itself facing increasing criticism in recent weeks.
The former Facebook product manager Frances Haugen, 38, appeared before MPs and Lords yesterday at the joint Online Safety Bill committee.
Ms Haugen told the committee: “Facebook has been unwilling to accept even little slivers of profit being sacrificed for safety.”
She added that Facebook is “unquestionably making hate worse”.
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However, she also took aim at one of Facebook’s sister companies.
Haugen said Instagram, which was acquired by Facebook in 2012, was “more dangerous than other forms of social media”.
“Instagram is about social comparison and about bodies… about people’s lifestyles, and that’s what ends up being worse for kids,” she told the committee.
Ms Haugen, who previously worked for Google and Pinterest, suggested Facebook should hire 10,000 additional engineers to work on safety.
But Ms Haugen has also released a set of internal documents to the press.
According to the BBC, the whistleblower documents include internal research into the impact of Instagram on teen mental health, whether or not Facebook stokes division and the company’s handling of the Capitol riot on January 6.
In response, Facebook’s founder, Mark Zuckerberg, 37, said: “What we are seeing is a coordinated effort to selectively use leaked documents to paint a false picture of our company.”
However, despite the criticisms and pressure, Facebook saw its quarterly profit grow by 17 percent in comparison to the year before.
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According to NBC News, the principal analyst at the research firm eMarketer, Debra Aho Williamson, said: “Facebook is dealing with the biggest deluge of negative press it has ever faced, and there is certainly more to come.
“But for now, the revenue picture for Facebook looks as good as can be expected.”
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