Jan 31, 2018
Facebook profits rise despite tax hit
Facebook will pay $2.3bn in unexpected taxes as a result of the tax overhaul the US approved last year. Despite the hit, the firm's quarterly profits increased 20% year-on-year to nearly $4.3bn. The figures underscored Facebook's strong financial position, in spite of the criticism it has faced over fake news and other issues. Facebook has been under pressure, as US lawmakers investigate the alleged use of the social media network for propaganda efforts. Facebook shares fell by more than 4% in after-hours trade, despite strong growth. For the year, the firm reported a more than 50% rise in profit to nearly $16bn on revenue of $40.6bn. Facebook said it expects to pay an effective tax rate of 23% in 2017, slightly higher than last year.
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