Posted January 25, 2019 05:33:24Facebook Inc. (NASDAQ:FB) announced it made a net $12 billion in profits in the first nine months of 2019, but the company’s revenues only totaled $1,474 billion.
The company has a net profit of $1 billion, but its revenues were only $2.5 billion.
It also reported revenue of $6.2 billion, a decrease of $4 billion compared to the same period last year.
In 2018, Facebook reported $11.5 bn in revenue.
The loss came from advertising and advertising-related expenses of $5.2 bn and $4.6 bn, respectively.
In the first quarter, Facebook generated $1 in revenue for every $1 it spent.
Revenue for the first half of 2019 was $1 on average, down from $1 for the same quarter last year, according to a statement released by the company.
The company said its ad revenue decreased to $8.5 in the third quarter from $12 in the previous quarter.
The increase in ad revenue is due to an increase in the volume of ads on Facebook and its partners’ Facebook Pages, it said.
The decrease in revenue was driven by lower advertising spending, which increased the share of revenue from Facebook.
Facebook has been losing money in the advertising market for some time, but is now in the second year of a billion-dollar acquisition by Google Inc. The search giant recently announced plans to make a bet on Facebook, with the deal valued at $3 billion.