Facebook's Zuckerberg makes case for shift to video, instagram

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The company said profit had climbed nine percent to US$5.14 billion on revenue that leaped 33 per cent to US$13.7 billion in the quarter that ended September 30.

A few financial analysts are concerned that the company's operational problems are so vast that revenue growth and cost containment will not come as expected. Meanwhile the latest quarterly numbers show profits up 9% to around $5 billion on revenues up 33% to $13.73 billion. It also reported 2.27 billion monthly active users, while analysts expected 2.29 billion.

He also said that over 2.6 billion people use the company's family of apps- WhatsApp, Instagram, Facebook, Messenger-every month.

But speaking on a conference call after the company's pretty solid - if unspectacular - third-quarter results, Zuckerberg said: "We're seeing the way people connect, shifting to private messaging and Stories".

Shares in Facebook finished up 3.8% after the company's Q3 earnings call.

But investors must have liked what they saw this afternoon, as shares perked up a bit in after-hours trading after a slight dip.

MAUs in the U.S. and Canada came to 242 million, up from 241 million last quarter. "And we will never be flawless", he said.

Why it matters. Watch, IGTV, and Stories are all part of Facebook's plan to keep users engaged on its platforms - and engaging with ads.

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Zuckerberg and others had vowed that Facebook would change to deal with those problems.

JPMorgan, which rates Facebook stock at "outperform", wrote that the firm is "more positive on Facebook coming out of Q3" and are again adding it to the J.P. Morgan US Equity Analyst Focus List as a value pick.

Rather than being an innovative, aggressive young tech start-up that likes to break things, as Facebook has modelled itself for years, it is now very much a mainstay of our digital lives that runs the gauntlet of political pressure every time something breaks.

Big winners on Wall Street in recent years, internet giants including Facebook, Amazon.com Inc and Google parent Alphabet Inc have suffered a battering over the last month.

Zuckerberg said Watch has grown "about 3x in the last few months in the US alone" and that the company has a "good sense" of how to make IGTV work well. Profits were up 9% on the third quarter previous year at just above $5bn.

Facebook had a total of 1.49 billion daily active users on average in September, which is an increase of 9% from the prior year quarter, but fell short of the consensus of 1.51 billion.

Facebook reported weaker than anticipated third-quarter revenue and monthly user growth. But he did seem optimistic that the feature would play heavily in the company's future: "In the not-too-distant future, people will be sharing more into Stories than into Feeds". It still has its user base as its greatest asset and COO Sheryl Sandberg can still weave some convincing stories of how companies can benefit commercially from the Facebook platform.

Though the factors are holding back ad prices, they also leave Facebook with significant untapped commercial opportunities with newer businesses such as WhatsApp. We started a roadmap, which we said was going to be about a three-year roadmap.

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