Facebook revenues rise by a third as constant rakes in £ 10.8 billion in just three months during the summer

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Facebook revenues rise by a third as constant rakes in £ 10.8 billion in just three months during the summer

Hannah Uttley for the Daily Mail

Facebook raised revenue of £ 10.8 billion in just three months during the summer.

One day after Philip Hammond launched a tax raid on technology giants, the social network said sales rose 33% in the three months to the end of September compared to the same period last year.

However, revenue figures have hardly missed analysts' expectations and even its monthly active user population of 2.3 billion was below estimates.

Revenues rise: one day after Philip Hammond launched a tax raid on technology giants, Facebook said sales rose 33% in the three months until the end of September

Revenues rise: one day after Philip Hammond launched a tax raid on technology giants, Facebook said sales rose 33% in the three months until the end of September

Revenues rise: one day after Philip Hammond launched a tax raid on technology giants, Facebook said sales rose 33% in the three months until the end of September

But profits exceeded market forecasts, rising 9% to 4 billion pounds. Facebook's shares have fluctuated wildly after the publication of the third quarter results.

Facebook also owns the Instagram photo sharing app and the WhatsApp instant messaging platform.

His latest results come after a disastrous year for the company that has been ruined by numerous privacy scandals.

Last month admitted up to 50 million Facebook users were left exposed by a security flaw.

And at the start of this year, she was shaken by a major data breach involving Cambridge Analytica, a policy consulting firm, which found that it had collected personal data from millions of personal accounts.

The Chancellor used the Budget this week to light the fire on the giants of American technology.

It is committed to ensuring that Internet companies pay their "fair share" by introducing the digital service tax that should raise the Treasury up to £ 400 million a year.

Facebook and other technology companies have long been criticized for the amount of fees they pay in the United Kingdom. After deductions, Facebook only paid £ 2.6 million in corporate taxes in the United Kingdom last year.

The digital tax will be introduced within 18 months.

Mark Zuckerberg, founder and CEO of Facebook, said: "Our community and our business continue to grow rapidly, and now more than 2 billion people use at least one of our services every day.

"We are creating the best services for messaging and private stories and there are still great opportunities in video and marketing".

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