Facebook reports profit surge, user growth despite scandals

Facebook reports profit surge, user growth despite scandals

Facebook Rep. Testifies Before House of Commons Amid Cambridge Analytica Scandal

The better-than-expected results propelled Facebook shares 7 percent higher in USA after-hours trade, with investors relieved that the social network giant appeared unscathed financially despite getting caught up in a user data misuse controversy.

Schroepfer said that while he was giving evidence, "we'll likely be blocking hundreds of thousands of attempts by people from around the world trying to create accounts with automated systems".

"It is a bad idea that a nation state is using our product to interfere in a democratic election by masquerading as citizens of the US".

Mr Schroepfer said Facebook had legal certification that the data had been deleted in 2015, but admitted he was disappointed by the way Facebook had handled disinformation campaigns on the platform, notably from Russian Federation.

The company now has 1.45 billion daily active users worldwide. "I do think we looked pretty hard". Cambridge Analytica was briefly hired by Donald Trump's presidential campaign in 2016.

Although the 33-year-old Facebook executive's testimony was well-received, Zuckerberg also left a number of questions unanswered.

"I respectfully disagree with that assessment", Schroepfer said.

Facebook today said that it would be extending a raft of measures to allow its users to identify the source of political adverts that appear in their feed to Britain next year.


And now it is the time when mobile advertising became more significant for Facebook than any other types.

Earlier this week, the committee heard from Aleksandr Kogan, the academic who designed an application that was later used to scoop up the personal details of Facebook users. Schroepfer said he had met the information commissioner this week, and that the company had provided information to the Electoral Commission.

Labour's Jo Stevens, who was interested in the nondisclosure agreement (NDA) between Kogan and Facebook, asked Schroepfer about the terms of that contract.

We were slow to understand the impact at the time and I am way more disappointed in this than you are, he said.

The company's chief technology officer, Mike Schroepfer, told United Kingdom legislators at a parliamentary committee hearing that while Facebook requires the "people have a terms and conditions" associated with their services, they failed to read it in its entirely.

"We will be asking him to respond in writing to the committee on these points; however, we are mindful that it took a global reputational crisis and three months for the company to follow up on questions we put to them in Washington DC on 8 February".

Facebook has announced that its Q1 revenue grew by 49% to $12bn with profit up 65%, but analysts will have to wait to see whether the recent data scandal and #DeleteFacebook campaign will dent second quarter profits. Besides increasing revenue a staggering 50 percent from previous year, user growth is up 13 percent, with Facebook reporting 2.2 billion billion monthly active users.

Latest News