Facebook shares rose as investors focused on beating earnings estimates and ignored the whistleblower filing dump.
Facebook investors shrugged off the massive filing sell-off underway Monday and focused instead on the company third-quarter earnings, which beat analysts estimates.
The company said it would increase its share repurchase program by $50 billion, helping the stock rise about 2 percent in extended trading.
CEO Mark Zuckerberg told analysts on some earnings call that Facebook will make major changes next year to focus more on its full-screen video Reels feature, which competes directly with TikTok.
The idea is to make Facebook and Instagram more appealing to 18-to 29-year-olds."Over the past decade, as the audience that uses our apps has grown and we\'ve focused on serving everyone, our services have become the best choice for the majority of people who use them, rather than specifically for younger people," Zuckerberg said.
He warned that "this transformation will take years, not months, to fully execute" and that it will ultimately be as important to Facebook as the adoption of the News Feed and Stories features.
The company internal documents released by Hogan show that the number of teens using the Facebook app in the United States has dropped from 13 percent to 45 percent since 2019, a projected decline over the next two years. The number of users between the ages of 20 and 30 is expected to decline by 4 percent during that period, according to the document.
According to the report, Facebook is aware of the many harms its apps and services can cause, especially to teenage girls, but is either not correcting them or is working to fix them. More files are expected to be shared daily over the next few weeks.
Zuckerberg disputed those claims and called the latest news cycle "a coordinated effort to selectively use leaked documents to paint a false picture of our company."
"The reality is that social media is not a major driver of these problems, and it may not solve them on its own," Zuckerberg said. "We should want every other company in our industry to invest and have the results that we have."
Facebook said third-quarter revenues rose 35 percent from a year earlier, while net income rose 17 percent to $9.2bn from $7.8bn in the same period last year.
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