Facebook steamrolled over the Cambridge Analytica scandal, posting another record quarter
26 April, 2018, 12:44 | Author: Jacqueline Daniels
Analysts estimated that Facebook would report 1.45 billion daily active users the first three months of this year, compared with 1.4 billion the previous quarter.
Mobile ad revenue is now 91 percent of the total ad revenue for the company in the last quarter.
Revelations of the improperly handled data of 87 million users did nothing to stop Facebook Inc.'s money machine. The company now boasts 1.45 billion daily users and 2.2 billion monthly members.
Another area of growth is the company's headcount, which increased by 48% to 27,742. Operating costs were lower than forecast by analysts but CEO Mark Zuckerberg warned they will continue to eat into Facebook's profits as it adds 20,000 workers to address security and privacy concerns in the wake of the Cambridge Analytica scandal and the rise in scepticism abut the company.
Zuckerberg also reiterated some of the comments made during his recent testimony to the U.S. senate committee, where Facebook was accused of failing to protect the privacy of millions of users, specifically relating to the Cambridge Analytica data leak and Russian interference in the United States presidential elections in 2016.
While a poll last month showed that Facebook's favorability plunged 28 points in the five months between October and March, on Wednesday, the company's stock price exploded more than 7 percent in after-hours trading.
Despite the strong results, Facebook shares closed unmoved Wednesday. ".It is self-evident that apart from being very cryptic, the unstated intention was to hide more than reveal,"said the latest notice to Cambridge Analytica".
A senior IT ministry official aware of the development said that the government wants to send out a "strong signal" to global bodies operating in IT and data platform that any manipulation of data of Indians, in violation of law and privacy norms, will be viewed "seriously".
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The notice has asked about the proceedings that the social media giant has undertaken against those who have violated Facebook's policies of privacy.
Net income attributable to Facebook shareholders rose in the first quarter to $4.99 billion, or $1.69 per share, from $3.06 billion, or $1.04 per share, a year earlier.
High-profile people in the tech world said they were leaving the social network, including Brian Acton, cofounder of Facebook-owned WhatsApp, and Steve Wozniak, co-founder of Apple. He told analysts the public testimony was an "important moment" for the company. "We think that ads is a great business model that is aligned with our mission".
Facebook is launching a pilot programme in Ireland ahead of a referendum on abortion which it hopes will ensure greater transparency in political advertising.
Tighter regulation could make Facebook's ads less lucrative by reducing the kinds of data it can use to personalize and target ads to users, although Facebook's size means it could also be well positioned to cope with regulations. Zuckerberg spent two days on Capitol Hill earlier this month getting grilled by lawmakers about Facebook's responsibility.
Eager to add a target for quarterback Joe Flacco , the Ravens on Friday offered Snead a two-year, $10.4 million contract. While he flashed talent, it wasn't enough to avoid being released by the team before seeing regular season action.
According to the BBC, this is the fourth attack on a voting center since registration began at the beginning of the month. At least 57 people are said to have been killed, including children, and more than a hundred others have been injured.
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