Facebook grows ad sales by 50%

27 April, 2018, 00:15 | Author: Elaine Woods
  • Facebook had admitted in its earlier response to the government that data of around 5.62 lakh people in India were ‘potentially affected’ by the incident

Schroepfer is representing Facebook in British parliamentary hearings, one of multiple investigations around the world into the company's privacy practices.

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.

Mr Schroepfer said he respectfully disagreed with the MP's assessment.

Nearly every year for a decade, Facebook Inc. has gathered makers of all sorts of apps, games, and advertising tools at its F8 conference to explain how much better their businesses could be by forming a partnership with the company to make them more social.

But there was no evidence of Cambridge Analytica managing referendum-related ads or pages, Schroepfer said, or spending money on the campaigns.

"We don't think (the) first quarter marks the "all clear" for Facebook shares by any means, but given the drubbing over the past two months, we think it may start an overdue stabilization period", Sandler wrote in a client note titled "Senator, we run ads".

Facebook suddenly found itself under the spotlight when it was revealed that a data firm called Cambridge Analytica exploited the personal data of 50 million users, most of which were American voters, to manipulate voter sentiment in the run-up to the 2016 US presidential elections.

Facebook has also been involved in a different scandal relating to the alleged Russian meddling into the 2016 U.S. elections.

Facebook's financial performance exceeded market forecasts and avoided any initial fallout from the Cambridge Analytica revelations as well as ongoing concerns about the platform being used for malicious purposes. Those changes have also contributed to stalled growth in some places, including a slight drop in the number of US users.

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Inquiry chair MP Damian Collins put forward questions regarding the use of Facebook users' data to allegedly influence the Brexit referendum and U.S. presidential election.

During the hearing, Dr Kogan insisted he had not broken the terms and conditions of Facebook in the way he used his app to gather data, quipping: For you to break a policy, it has to exist.

He noted that he would submit the agreement to the committee following the committee's conclusion.

The company reversed last quarter's decline in the number of daily active users in the United States and Canada, saying it had 185 million users there, up from 184 million in the fourth quarter.

Still, the company is not completely out of the water yet, according to a report from USA Today.

That comes into direct conflict with what Kogan told BuzzFeed News earlier this week.

Facebook previously suggested a vice president of the company testify before the European Parliament but this suggestion was shot down by the assembly.

"I respectfully disagree with that assessment", Schroepfer said. "That is news to me right now". "He is trying to dedicate his time in the office to solve these problems to get to the heart of it".

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