Facebook profit soars amid new pressure from lawmakers

Facebook profit soars amid new pressure from lawmakers
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Facebook's third quarter profits jumped 79 percent this year, according to its earnings report, released the same day that lawmakers grilled the company's top lawyer on Russia's election interference.

Facebook clocked $10.14 billion in digital ad revenue, which accounted for about 98 percent of the platform's total revenue and represents a 49 percent increase from last year.
 
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The strong numbers come as the internet giant is being scrutinized for selling some $100,000 in political ads to Russian actors attempting to influence U.S. voters.
 
Colin Stretch, Facebook's general counsel, is being grilled by three separate congressional committees this week as lawmakers probe how Moscow used the platform to sow discord among voters.
 
"Our community continues to grow and our business is doing well," Facebook CEO Mark ZuckerbergMark Elliot ZuckerbergHillicon Valley: FBI to now notify state officials of cyber breaches | Pelosi rips 'shameful' Facebook | 5G group beefs up lobby team | Spotify unveils playlists for pets Pelosi rips 'shameful' Facebook behavior, accuses it of intentionally misleading users Mark Hamill deletes Facebook account: 'Mark Zuckerberg values profit more than truthfulness' MORE said in a statement. "But none of that matters if our services are used in ways that don't bring people closer together. We're serious about preventing abuse on our platforms. We're investing so much in security that it will impact our profitability. Protecting our community is more important than maximizing our profits."