Facebook Revenue Up 50% Despite Privacy Saga

Facebook Didn't Read the Terms and Conditions for the App Behind Cambridge Analytica

The social media giant that you swore up and down you'd quit after it let your data slip into strangers' hands without your permission is doing just fine, thank you very much.

The ECI had announced a partnership with Facebook in June past year to launch voter registration reminder. Facebook said it now has 1.45 billion daily users, matching estimates on this key measure of engagement.

"Globally, data on about 87 million people may have been improperly shared with Cambridge Analytica with nearly 80% of users being in the USA, it had added, the data was allegedly used to influence the voters" psychology and maneuvering public opinion towards the Republican Party (Donald Trump).

There's a caveat, and it's a big one.

Facebook shares closed at $185.09 on March 16, the day that the Cambridge Analytica scandal broke after the bell on a Friday. The company noted that despite its missteps, advertisers, which account for the vast majority of its revenue, haven't turned their back on the service.

But they don't seem to be affecting Facebook's bottom line, so far, as advertisers continue to flock to the service in droves. Facebook says most of the affected users (more than 70 million) are in the US, though there are over a million each in the Philippines, Indonesia and the United Kingdom. Last quarter, investors panicked about a slight decline in this figure, but Facebook said it was a temporary lull.

".It is self-evident that apart from being very cryptic, the unstated intention was to hide more than reveal", the notice to Cambridge Analytica says.

And despite a buzzy "DeleteFacebook" online campaign, both daily and monthly user numbers increased.

"We're not really optimizing the business on time spent, but rather the kind of quality of conversations and connections", he said.

"Clearly there's an expense hit", the analyst told CNBC before the start of Facebook CEO Mark Zuckerberg's testimony before Congress. And Zuckerberg had pledged to devote 2018 to fixing the problems plaguing Facebook.

Facebook said it will make sure political ads on its platform will be vetted and transparent in time for England and Northern Ireland's 2019 local elections, the company has said.

A recent study by the American Press Institute and the Associated Press-NORC Centre for Public Affairs Research found that 12 percent of people trusted Facebook as a news source. Capital expenditures reached $2.81 billion in the quarter as Menlo Park, California-based Facebook increases its spending on security, video content and new technologies. Net income rose 63% to US$4.99 billion.

On a conference call, Zuckerberg nodded at the controversy, saying that the company hopes to "keep moving forward" to make its products "good for people and good for society".

Despite the strong results, Facebook shares closed unmoved Wednesday. The hashtag movement caught on on Twitter and other social media platforms following reports that the the company violated users' privacy rights and didn't do enough to protect personal information.