iWorld
Facebook India reports 27% rise in profit in FY18
MUMBAI: According to Registrar of Companies (RoC) filings sourced by data platform Tofler, Facebook India Online Services reported a 27 per cent increase in net profit to Rs 77 crore for the year ended March 2018.
Facebook reported a 53 per cent rise in revenue from operations to Rs 521 crore in FY18 from Rs 341 crore in FY17. At the same time, expenses went up 55.4 per cent to Rs 443.8 crore in FY18 from Rs 285.5 crore.
The company’s employee benefit cost also rose 18 per cent to Rs 110 crore from Rs 89.6 crore last year.
Although, Facebook reported a 53 per cent rise in revenue in FY18 but as per filings, it reveals that there has been a slowdown in the rate of growth. Facebook had reported a 93 per cent jump in revenue to Rs 342 crore in FY17 from Rs 177 crore in FY16. And with that, the growth in net profit also looks to have been slowing down as Facebook’s net profit had jumped 31 per cent to Rs 40.7 crore in FY17 from Rs 31 crore in FY16.
After the Cambridge Analytica data breach, Facebook had drawn a lot of criticism both from users and advertisers. Since then, Facebook has tried to take several measures to fix the issues.
To call attention, in India, Facebook has undertaken an offline process to verify identity and locations of political advertisers in India as the country’s general elections arrive next year.
