The Q3 earnings report follows the release of thousands of internal documents, known as the Facebook Papers, that detail how the company allegedly placed user engagement above user safety.
Looking ahead, the company released modest guidance for Q4, writing in its shareholder letting that the change was made “in light of continued headwinds from Apple’s iOS 14 changes, and macroeconomic and COVID-related factors.”
The company also revealed plans to significantly change how it reports earnings going forward. Beginning in Q4, Facebook will report Facebook Reality Labs as its own segment, separate from what the company will call “Family of Apps,” including Facebook, Instagram, and WhatsApp. FRL will include all virtual reality and augmented reality hardware, software, and content. The company says its investment in FRL will reduce its 2021 profits by $10 billion.
For the social media giant’s user base, Facebook reported 1.9 billion daily active users and 2.9 billion monthly active users last quarter, and essentially the same numbers this quarter. Monday’s earnings follow the release of thousands of internal documents, known as the Facebook Papers, that detail how Facebook studied the harm caused or exacerbated by its platform and placed user engagement above the safety of users, among multiple other revelations, according to
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