Facebook says its profits rose to over $9 billion in the last quarter, hours after a US news collective published reports saying the platform allowed hate speech to flourish internationally and knew its algorithm fuelled toxic polarisation online.
Facebook has announced over $9 billion in quarterly profits, hours after a US news collective published a deluge of withering reports arguing the company prioritises its growth over people's safety.
The social media giant has been battling a fresh crisis since former employee Frances Haugen leaked reams of internal studies showing executives knew of their sites' potential for harm, prompting a renewed US push for regulation.
Facebook released results on Monday showing its profit in the recently-ended quarter grew to over $9 billion –– a 17 percent increase –– and its ranks of users increased to 2.91 billion.
Hours earlier, new reports blamed CEO Mark Zuckerberg for his platform bending to state censors in Vietnam, noted Facebook allowed hate speech to flourish internationally due to linguistic shortcomings, and said it knew its algorithm fuelled toxic polarisation online.
"These damning documents underscore that Facebook leadership chronically ignored serious internal alarms, choosing to put profits over people," US Senator Richard Blumenthal, a Big Tech critic, said in a statement.
News organisations like The New York Times, The Washington Post, and Wired were among those that have now received access to the set of internal Facebook documents that Haugen originally leaked to US authorities and which were the basis of a damning Wall Street Journal series.
Facebook has assailed the reporting as the selective publication of some of its mountain of internal studies, aimed at casting the social network used by billions of people in a dark and inaccurate light.
Behind the curtain
Haugen, who testified on social media before UK lawmakers Monday, has repeatedly said the company puts its continuous growth and thus profits before the well-being and safety of users.
"Facebook has been unwilling to accept even little slivers of profit being sacrificed for safety, and that's not acceptable," she told the lawmakers, adding that angry or hate-fuelled content "is the easiest way to grow" the social media platform.
Facebook has been hit by major crises previously, but the current view behind the curtain of the insular company has fueled a frenzy of scathing reports and a renewed push from US lawmakers to crackdown on social media.
The Washington Post story out on Monday said Zuckerberg had personally signed off on a push from Vietnam's authoritarian government to limit the spread of so-called "anti-state" posts.
A report from Politico called the documents a "treasure trove for Washington's anti-trust fight" against the platform, revealing internal employee chats about Facebook global dominance.
Cambridge Analytica scandal
One of Monday's reports, from the website The Verge, plunged into the company's own worries for its future.
"Teenage users of the Facebook app in the US had declined by 13 percent since 2019 and were projected to drop 45 percent over the next two years, driving an overall decline in daily users in the company's most lucrative ad market," the story said, citing internal company research.
The company has bounced back from other scandals like the one involving Cambridge Analytica, a British consulting firm that used the personal data of millions of Facebook users to target political ads.
In that case, Zuckerberg went to Washington to apologise and the company agreed to a $5 billion settlement with US regulators.