Facebook shares seen higher as tech firm posts record revenues

Screen Shot 2018 04 25

The company also managed to increase its user numbers, reporting an average of 1.45 billion daily active users worldwide.

Lucas questioned whether Facebook had integrity, to which the executive responded: "It hurts when we make mistakes". Facebook also revealed recently that malicious actors scraped public profile data from the site's roughly 2.2 billion users.

Schroepfer is the latest to give evidence to United Kingdom lawmakers as part of an investigation into fake news and its impact on elections, in the wake of revelations that vast swathes of Facebook user data were shared with British data firm Cambridge Analytica.

Facebook (FB) reported Wednesday that it reversed its first ever decline in daily active users in the USA and Canada during the first three months of 2018 despite the backlash from a massive data scandal.

Facebook has come under fire of late after it was revealed that the Global Science Research app gave data on almost 90 million Facebook users to Cambridge Analytica without those users' knowledge.

The cost have been driven by the investments made by the company in artificial intelligence as well as security, which is a category that has staff for moderation of content, said CFO David Wehner, who said the company is spending more money on that (security) than had been anticipated. If other brands had followed, that would have been a big problem for Facebook, which gets a whopping 98 percent of its revenue from digital ads.

It's a revenge petition, Jaitley raps Congress
On the other hand, he regretted that a "divided court" is finding itself helpless to respond to these intimidatory tactics. Jaitley further said, "Trivialising the use of the power (of impeachment) is a unsafe event".

Another area of growth is the company's headcount, which increased by 48% to 27,742.

Still, despite those missteps and challenges, Zuckerberg acknowledged that Facebook's userbase, or the "Facebook community", continues to grow at a healthy clip. JPMorgan Chase set a $230.00 target price on shares of Facebook and gave the stock a "buy" rating in a report on Monday, January 8th.

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.

On a conference call with analysts Wednesday, Zuckerberg stressed that he remains committed to the advertising business model that has powered Facebook so far even amid the data privacy backlash. In the days immediately afterward, the company lost more than $50 billion in market value.

"Mark Zuckerberg's right-hand man, whom we were assured could represent his views, today failed to answer many specific and detailed questions about Facebook's business practices", said committee chair Damian Collins.

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 U.S. congressional hearings.

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