Facebook has suffered multiple setbacks in the last couple of years. It has managed to find itself in trouble everywhere around the world. There have been cases about some serious data breaches and then there is its unabashed growth in all the sectors. The data breaches have caused a lot of money to the company but still, the base of Facebook is so strong that the scandals have barely managed to shake the US-based social media giant.
That said, the data breaches affected India on a massive scale. There were 562 thousand people who were victims of data breach. Their private data was exposed and this angered the Indian government in every way. Facebook did not realize this but the Indian government returned the favors by asking Facebook to localize its data.
This did not stop there, India asked all the US-based tech companies to file financial reports and Facebook, in general, had to answer for all the tax evasions. It has been fighting the battle with taxes for years but the ill methods it used were exposed and now Facebook has to pay around millions in taxes. That said, it cannot let its India market slip as it is the largest market globally and has around 294 million users.
Facebook has a lot of troubles but one thing remains constant for them; the growth. The growth of the company has never been hindered because of the trouble it faces. The users keep on increasing while the revenues keep on hitting new heights. Facebook is a company for the people and people love it the way it is, data breaches or no. It also makes sure that no rivals make it in this industry. It has bought off almost every major rival and made it a single horse race.
The company posted a profit of $8.11 million that is around INR 57 crores in the FY 18. If media reports are to be believed, then the growth in profits is around 40%. The total revenue of the company also saw a hike by about 53% than the previous year. It went up by $74 million that is around INR 521 crores. The money earned is not only from Facebook alone but also from its world-famous messaging application WhatsApp.
That said, the company had to do a lot of spending in the year 2018. Its legal department spent around $11.1 million which is 85% more than the previous year. The advertising money that company spent also rose to $13.37 million which is a staggering 122% more than the year before. That said, this year might also be the same for the social media website as it had to tackle similar issues like before. However, the company is adding a lot of transparency over its political advertisement in order to avoid unnecessary trouble.
– Unmesh Phule