Profit in the first quarter of 2018 jumped 63 percent from a year ago to United States dollars 5 billion, and total revenues increased 49 percent to USD 11.97 billion, Facebook said in an earnings update which topped most analyst forecasts.
Despite the ongoing crisis that the company faces, Facebook's reported earnings for the first quarter of 2018 have beaten Wall Street's estimates, although they are still down since the previous quarter.
People keep flocking to Facebook and the social network keeps raking in money by selling them ads, privacy scandals or not.
The results are some much-needed good news for the California company, which has been in damage control mode for weeks, fighting to contain the fallout from the Cambridge Analytica scandal and reassure users.
The company added that its daily active users for the period tallied up to 1.45 billion, in line with the 1.45 billion that analysts polled by StreetAccount projected.
Allison Mack Released On $5 Million Bond
Attorney's Office for the Eastern District of NY confirmed the news to Deadline, without giving further details or comment. Her mother, Melinda Mack, also was in court and agreed to use her home as collateral for the bond.
Zuckerberg also reiterated some of the comments made during his recent testimony to the USA 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 U.S. presidential elections in 2016.
Facebook's shares rose 6.8 per cent in after-hours trading to US$170.56. That's more than double the amount the company held just two years ago, when its cash stockpile sat at $20.6 billion. In total, Facebook added 48 million daily users globally during the quarter.
The government on Wednesday served a second set of notices to social networking giant Facebook and political analysis firm Cambridge Analytca.
Net income for the first quarter came in at US$4.99 billion, or US$1.69 per share, compared with US$3.06 billion, or US$1.04 per share, a year earlier, Reuters reports.
If users weren't deterred by data privacy concerns, neither were advertisers.
Opposition motion to impeach India's top judge rejected
Leaders of seven opposition parties on Friday submitted a notice for the impeachment of Misra to Naidu, reports said. Prashant Bhushan, senior lawyer, said "the vice-president has no power to say that charges are not made out".
Much of Facebook's ramp-up in spending is for safety and security, Wehner said. He told analysts the public testimony was an "important moment" for the company.
The company's healthy ad business drew the vast majority of sales, but investors often look to the company's nascent Messenger and WhatsApp divisions as potentially massive sources of revenue in the future.
On a conference call, chief financial officer David Wehner said the average monthly and daily user growth in Europe could be flat or down as the European Union brings tough new privacy regulations on May 25. Sheryl Sandberg, Facebook's COO, said some advertisers had taken a "pause" with Facebook amid the scandal.
The Cambridge Analytica scandal, which has sparked government investigations globally, was mentioned only once on an hour-long conference call between analysts and Facebook management, when one analyst asked Zuckerberg what he learned from testifying in USA congressional hearings. "You know, I think in general technology is an increasingly important trend in the world and I actually think the question is more what's the right regulation rather than "yes" or "no" should it be regulated".
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She continued: "There has actually been a various requirement for me than there have actually been for other individuals". Conway has since deleted some of his tweets that seemed critical of the White House and President Trump.