See the fake Facebook ads Russians ran on Clinton, guns, race, Christianity

Pattern of denial spin and half-measures followed by reluctant cooperation in face of regulation

Pattern of denial spin and half-measures followed by reluctant cooperation in face of regulation

Focused on Russia's alleged use of Facebook, Google, and Twitter to meddle with United States politics, the hearing was a forum for senators to ask executives at those companies questions about the propaganda operation and voice their concerns. Revenue jumped 47 percent, to $10.3 billion, also higher than the $9.84 billion forecast.

The company said profit in its third quarter leaped 79 percent, to $1.59 per share, more than the $1.28 a share analysts had expected.

As always, its booming advertising business was the driver. The company said that it now generates 88 percent of its advertising revenue from mobile ads, compared to 84 percent during the same quarter past year.

However, even in prepared remarks, founder and Chief Executive Mark Zuckerberg (pictured) felt compelled to nod to recent problems with exploitation of its platform, now a prime source of news, fake and real, for many people.

Democrats and Republicans both said the tech companies need to do more to police against foreign government abuse on their platforms.

Facebook said about 2.07 billion people were using its service monthly as of September 30, up 16 per cent from a year earlier.

"We're investing so much in security that it will impact our profitability", CEO Mark Zuckerberg said in a written statement provided along with the earnings numbers. "Protecting our community is more important than maximizing our profits".

Facebook, in a series of disclosures over two months, has said that people in Russian Federation bought at least 3,000 USA political ads and published another 80,000 Facebook posts that were seen by as many as 126 million Americans over two years. And last month, the company said it would hire 1,000 new workers to review ads for adherence to its policies. Content generated by the Kremlin-linked troll farm known as the Internet Research Agency reached almost 150 million people through Facebook and Instagram, he said.

Facebook still makes the vast majority of its money with advertising - more than 98 percent of the Q3 revenue came from ads, to be precise.

The social network's audience is only getting bigger - it now has 1.37 billion daily users, up from 1.18 billion a year ago - and its advertising business is still growing at nearly 50 percent year over year. This story will be updated after the call begins.

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