Unaffected by data breach controversy, Facebook profit hits all-time high

Aleksandr Kogan tells a UK parliamentary committee about his app used by Cambridge Analytica to mine Facebook data

In total, 87 million users were affected.

The company is proving that even with the Cambridge Analytica scandal and concerns over user privacy and the spread of fake news, businesses can't afford to pull dollars away from Facebook's 2.2 billion monthly active users.

"Despite facing important challenges, our community and business are off to a strong start in 2018", said Mark Zuckerberg, Facebook's founder and CEO, in an April 25th, 2018 media release.

According to Axios, Facebook's stock rose 3 percent in after-hours trading on Wednesday, hours after the company reported it had surpassed earnings expectations. The platform also enjoyed a 13% increase in monthly active users (2.2 billion), plus daily active users (1.45 billion alike).

"The ads that we show - it's the digital equivalent of an ad on someone's lawn or on a street corner", he told the committee on access to information, privacy and ethics, which has been holding hearings on the scandal involving Facebook and Cambridge Analytica.

Facebook said it ended Q1 with 27,742 employees, up 48% yoy. The company makes its money primarily by selling ads personalized to individual users.

Heading into the earnings result, analysts were concerned about how much an ongoing backlash among users, advertisers and politicians on both sides of the Atlantic could slow down a company once viewed as unstoppable.

Ad impressions grew by 8% and ad prices grew by 39%.

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There is also "certainly potential for some impact" to Facebook's ad revenue, Wehner said.

Facebook's struggles with mobile have impacted the company before, most notably when Facebook was slow to move its advertising business to mobile after its 2012 IPO and its stock tanked.

Facebook's chief technology officer is to promise MPs that the social network will act to make political advertising far more transparent for United Kingdom users.

The video will apparently run on TV, online and in cinemas through till July, and forms part of a massive campaign that the company is undertaking to restore its image in the wake of the recent scandals. It reached as high as 7% after the conference call. Facebook attributed the drop to changes in how it surfaces information in the News Feed.

But in order to make sure its services are used for good, Facebook needs to ensure that its services are used full stop.

Should antitrust laws be enforced against the tech giants' monopolies? German, Italian and Belgian regulators are arguing in different ways that certain Facebook data practices are unfair or misleading, not directly causing financial harm to consumers. Here's what you need to know. The question for analysts will be whether the declines are truly Facebook's own design or a reflection of user preference. "I think the impact of eroded trust will require a significant amount of time to play out".

Facebook noted that it expects European user growth to stall when the EU's GDPR regulations come into affect on 25 May.

Sheryl Sandberg, chief operating officer of Facebook. "The only real way to run the service was to enable people to share what they wanted and then reactively, if the people in the community saw something that was offensive, or they thought it was against the rules, they'd flag it for us and we'd look at it and take things down that didn't belong", he said.

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