Facebook reports profit surge, user growth despite scandals

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As part of the global Search For Truth in the ongoing Facebook data-harvesting scandal, the Digital, Culture, Media and Sport Committee spent nearly five hours questioning the man Mark Zuckerberg sent to face the music.

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.

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

Facebook may have impressed Wall Street with strong advertising revenue and user growth, but the social media company has not yet escaped from the Cambridge Analytica data privacy scandal unscathed, said Scott Devitt, an analyst at Stifel.

Facebook had in March faced a controversy over yielding millions of users' data to Cambridge Analytica which reportedly manipulated it during U.S President Donald Trump's electioneering in 2016.

The plaintiff said Facebook took money to promote the web page containing the registered trademark "tradefeed" for one week, but stopped it after three days, which it claims is breach of contract.

The co-founder and CEO of Facebook Mark Zuckerberg has apparently agreed to meet with MEPs at the European Parliament next month.

Sandberg also played down the suggestion that Facebook might try and follow in the footsteps of media rivals like Netflix or Spotify by exploring a subscription model.

She said Facebook had only heard from "a handful of advertisers" who paused their spending in the wake of the scandal, one of whom has since returned.

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Effectively, though, this just amounts to giving Facebook more information - even if it's in the negative, it's equally telling about your personality.

"We didn't take a broad enough view of our responsibility and that was a big mistake".

"As a result of these efforts we anticipate that we will discover and announce additional incidents of misuse of user data or other undesirable activity by third parties", Facebook said in the filing.

In total, Facebook added 48 million daily users globally during the quarter.

In a written submission prior to the hearing, Schroepfer said those wanting to run political adverts would have to complete an authorisation process and the messages would also have to display who paid for them.

"I did not know that", Schroepfer said. According to Facebook, its mobile advertising revenue represented approximately 91 percent of advertising revenue for the first quarter of 2018, up from approximately 85 percent of advertising revenue in the first quarter of 2017.

Schroepfer, who's the latest to give evidence to United Kingdom lawmakers in the wake of revelations concerning Cambridge Analytica, was forced to defend numerous activities of his company. "If the heads of the major tech firms are smart politically, they will start drawing up regulations with which they can live and deliver them to Congress, in hopes that they can invent the regulatory structures that benefit them, while not forcing them to give up too much", says Michael A. Genovese, professor of political science and president of Global Policy Institute at LMU.

Schroepfer said Facebook was doing its best to provide information as and when it had it, and said the organisation had integrity.

Facebook likes how Watch is developing thus far, Zuckerberg said.

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