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 ZuckerbergOvernight Health Care: Juul's lobbying efforts fall short as Trump moves to ban flavored e-cigarettes | Facebook removes fact check from anti-abortion video after criticism | Poll: Most Democrats want presidential candidate who would build on ObamaCare Hillicon Valley: Google to promote original reporting | Senators demand answers from Amazon on worker treatment | Lawmakers weigh response to ransomware attacks Facebook removes fact check from anti-abortion video after criticism 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."