People spent 50 million hours less per day on Facebook last quarter

People spent 50 million hours less per day on Facebook last quarter”

Despite the hit, the firm's quarterly profits increased 20% year-on-year to almost $4.3bn. In recent months, Facebook has admitted that passive use of Facebook - aimless scrolling through the news feed - can be bad for mental health.

Facebook's revenue growth was also strong - up 47 percent over previous year.

Facebook Inc (FB.O) said on Wednesday that time spent on the social network fell at the end of previous year by about 50 million hours a day, even before the company made changes to its flagship News Feed that may further reduce user engagement.

"Last quarter, we made changes to show fewer viral videos to make sure people's time is well spent", he said.

"None of that will hurt Facebook's revenues", said Frier. It now has 2.13 billion monthly active users and 1.4 billion who use it daily.

Those figures were 14% higher than in December 2016, but had increased 16% year-on-year in September.

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. It will drop the amount from five percent to four. Over the past two years Facebook has consistently beat expectations, and it did again today, even with the caveats.

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Wall Street seems concerned. In a statement about the latest results, Zuckerberg said "2017 was a strong year for Facebook, but it was also a hard one". The focus on more "meaningful connections" is expected to make the company's long-term future more viable. Less time spent usually means there is less money coming in as a result.

"We believe this strategy will drive higher advertising pricing monetisation trends in the long-term for Facebook and was a move Zuckerberg & Co needed to make", he said.

Facebook has rattled investors in recent months with a series of announcements in response the platform's role in enabling fake news, filter bubbles and foreign meddling in the US election.

Some have also urged the company to withdraw an app aimed at young children.

In November, he said the company is "investing so much in security that it will impact our profitability".

Facebook shares were up 43 percent during the past year as of Tuesday's close.

The technology firm reported a 47% increase in revenue on the same period previous year in its latest quarterly financial results.

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