Facebook willing to cut into profits to address security concerns
San Francisco — Facebook has been under fire for Russian abuse of its platform leading up to the 2016 US election. Now, the world’s largest social network said it will boost spending next year to confront the problem and fund new business initiatives. The 60% increase, which will go toward shoring up security and intelligence efforts and building out burgeoning businesses such as video and hardware, would cut into Facebook’s profits, CEO Mark Zuckerberg said on a conference call with investors. Zuckerberg took pains to explain why the added investment in security was a good business decision, just after Facebook’s general counsel was berated for hours by legislators over the use of its platform by Russian operatives. "I’m dead serious about this," Zuckerberg said, referring to moves the company is making to prevent future interference by foreign powers. Shares slipped about 1.8% in extended trading on the forecast for higher spending. Facebook’s size and power has thrust the company...
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