Facebook will focus on meaningful connections, Mark Zuckerberg says

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Facebook said about 1.40 billion people were using its service daily as of December 31, up 14 percent from a year earlier, compared with analysts' estimate of 1.41 billion, according to financial data and analytics firm FactSet.

Zuckerberg said that people spent "roughly 50 million hours" per day less on Facebook last quarter. It had 184 million daily users in this region in the quarter, down from 185 million in the prior quarter.

Facebook shares fell by more than 4% in after-hours trade, despite strong growth. Revenue reached $12.97 billion for the fourth quarter of 2017, up 47 percent from last quarter.

There were 2.13 billion monthly active users, 1.4 billion of which used the platform every day, according to the financial report. "But I also expect the time you do spend on Facebook will be more valuable", he wrote.

Analysts had expected that Facebook would generate revenue of revenue of $12.54 billion and earnings of $1.95 per share.

Mobile ad revenue accounted for 89 percent of the total ad sales, up from 84 percent a year earlier.




It was another busy three months for the social network.

Facebook does not give revenue guidance, though it does project expenses and said in November that expenses would likely grow 45 percent to 60 percent during 2018. "Protecting our community is more important than maximizing profits", said the 33-year-old co-founder.

In his announcement, Facebook CEO Mark Zuckerberg, informed users that in the coming weeks and months they will see less public content from businesses, brands and SMEs.

Facebook, founded in a college dormitory in 2004, has become one of the world's most valuable corporations by selling internet ads that it puts in front of people on Facebook and on its Instagram unit. It also tweaked the News Feed to foster more interactions with friends and family, and introduced a two-question survey for users to rank how "trustworthy" an article is. Nevertheless, it's been surprisingly popular with a younger demo, according to Morgan Stanley, with 40 percent of users between 16-34 checking out Watch content on a daily basis.

On Monday, January 29, Facebook News Product head Alex Hardiman and News Partnerships head Campbell Brown announced an update that will place trusted local sources atop News Feed.

The company will hold a conference call to discuss its earnings at 5 p.m. PT.

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