Facebook Grows Revenue, Users Despite Data Scandal

Facebook's bottom line is doing just fine

The company posted a $12 billion in revenue which is 50% higher than what Facebook posted a year ago.

Schroeder said it was clear Facebook had not done enough to ensure its tools could "potentially being used for harm" or take a broad enough view of its responsibility. Investors reacted to the news by sending Facebook's stock up close to 5 percent in after-hours trading. Daily active users grew 13 percent to 1.45 billion on strong growth in Asia-Pacific.

After easily beating Wall Street expectations, shares traded up 7.1 per cent after the bell at $171, paring a month-long decline that began with Facebook's disclosure in March that consultancy Cambridge Analytica had harvested data belonging to millions of users.

MC HAMMER'S CAN'T TOUCH THIS is probably playing in Facebook HQ at the moment, as the social network has posted record profits in spite of the Cambridge Analytica scandal.

Facebook generated $11.97 billion in revenue during the first quarter of 2018, compared to $8.03 billion during the same quarter in 2017.

"I think we are trying to give them all the data we have on the ads, what they spent and what they are like". One of these companies sold their data set to Cambridge Analytica, which was against Facebook's terms of service.

Mr Zuckerberg also faced questioning from United States politicians in congressional and Senate hearings, before which he confirmed the company scans all user messages. Ads will also run in cinemas, and on Facebook itself (of course).


On a conference call, Zuckerberg nodded at the controversy, saying that the company hopes to "keep moving forward" to make its products "good for people and good for society".

December 2015: Guardian reported that the firm Cambridge Analytica had data from the app to help Ted Cruz's presidential campaign in the U.S. Facebook says they had banned Kogan's app and asked both Cambridge Analytica and Kogan to delete all the data that was improperly acquired.

Profile scraping was enabled by a design vulnerability which Facebook said until last week allowed third parties to submit "phone numbers or email addresses they already have" using the site's search and account recovery function.

Previously, Schroepfer told another lawmaker that Facebook users couldn't opt out of all political advertising, despite having what the company calls a large amount of control over what ads they see.

Facebook changed its policies in 2014, prohibiting developers from obtaining information about users as well as their friends.

Further, the company's mobile ad business is said to have grown on a push to add more video content. "You want us to say we're responsible, which we have on multiple occasions", Schroepfer said. The Facebook executive left MPs incredulous as he said "my understanding is that this is common practice in the UK".

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