Leaders in media and advertising gathered Thursday night at the 64th Annual Ad Council Public Service Award Dinner. Cheddar's Kristen Scholer spoke with David Fischer, Vice President of Business and Marketing Partnerships at Facebook. Fischer says the explosion in video on social media is impacting the way people consume content on mobile devices. He expects content creators to become more focused on producing content for a mobile-first experience in the future. To date, Facebook has seen its biggest advertising opportunity in its News Feed, but sees an increasing opportunity in the Stories platforms, especially on Instagram. In response to Snap Founder Evan Spiegel's op-ed in Axios this week, Fischer says Facebook's focus is on its own platforms, and creating the experience that works best for people. Fischer says the future of Facebook is all about creating new ways for people to engage with content on its platform.

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Tesla’s profit fell in third quarter even as sales rose
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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