Exhibit 712

Facebook, Inc. Form 10-K for fiscal year 2017

Exhibit 712 · SEC filing

Facebook, Inc. Form 10-K for fiscal year 2017

we recently announced changes to our News Feed ranking algorithm to help our users have more meaningful social interactions, and we expect that these changes will have the effect of reducing time spent and some measures of user engagement with Facebook, which could adversely affect our financial results.

Annual report. Advertising $39,942M of $40,653M revenue (98% of revenue per risk factors). Lists decreased user engagement, including time spent, as a risk to ad revenue, and says the announced News Feed change was expected to reduce time spent.

Source: Facebook, Inc. (SEC filing)
Date: 1 February 2018
Quoted from: Item 1A, Risk Factors (user engagement risk factor)
Grade: Primary record
Document: https://www.sec.gov/Archives/edgar/data/1326801/000132680118000009/fb-12312017x10k.htm
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-3.1: Primary record Meta's annual reports state that substantially all of its revenue comes from selling advertising, and its 2017 report lists decreased user engagement and time spent as a risk to that revenue. Advertising revenue was $39.9 billion in 2017, $55.0 billion in 2018 and $160.6 billion in 2024.
Finding POL-3.2: Primary record In January 2018 Adam Mosseri announced that Facebook would prioritize posts that spark conversations and meaningful interactions between people in News Feed. The company's 10-K for 2017 said it expected the change to reduce time spent and some measures of user engagement.