"Meta projected that 10% of its overall sales in 2024, or about $16 billion, came from running online ads for scams and banned goods, according to a Thursday report from Reuters. Those kinds of ads included promotions for "fraudulent e-commerce and investment schemes, illegal online casinos and the sale of banned medical products," according to the Reuters report, which was based on internal company documents."
"The Reuters report cited a December 2024 document that showed how Meta each year generates roughly $7 billion in annualized sales from so-called "higher risk" scam ads, which are promotions that are clearly deceptive. Although some of the documents show that Meta aims to reduce the amount of bogus ads on its platform, the Reuters report also said that other documents suggest the company is concerned that its business projections could be impacted by any abrupt removal of the fraudulent promotions."
Meta projected that 10% of its overall sales in 2024, about $16 billion, derived from running online ads for scams and banned goods. Those ads included promotions for fraudulent e-commerce and investment schemes, illegal online casinos, and the sale of banned medical products. Meta each year generates roughly $7 billion in annualized sales from so-called higher-risk scam ads, which are clearly deceptive. The company shows an estimated 15 billion of these higher-risk scam ads to users daily. Meta recorded more than $164.5 billion in overall sales for 2024 and reported strong third-quarter revenue growth while increasing expense guidance tied to artificial intelligence investments.
Read at www.cnbc.com
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