Facebook has reported an 11 per cent increase in third-quarter earnings as advertisers directed more of their spending to the social network. Revenue rose a more-than-expected 41 per cent to $US4.5 billion, from $US3.2 billion in the same period a year earlier. Total costs and expenses increased even faster, 68 per cent, reflecting Facebook’s heavy spending on a range of projects, including artificial intelligence, virtual reality and bringing internet access to emerging markets. The results reflect the company’s ability to win new advertisers who are spending more on digital advertising overall. In September, Facebook said it had 2.5 million advertisers, up 25 per cent since...
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