Facebook reports soaring profits despite data scandal

Facebook shakes up Washington lobbying team amid scandal

Greg Nash

"Ads is a great business model that's aligned with our mission. this is something that we at Facebook are very proud of, and we think it's the right way to build a service", he said.

It is spending to ensure users are not scared away by scandals.

Additionally, Facebook now hires more staff than ever before.

Facebook said as many as 87 million users could have unwittingly had their data obtained by political consulting firm Cambridge Analytica through a third-party app. The category includes efforts to root out fake accounts, scrub hate speech and take down violent videos.

Another area of growth is the company's headcount, which increased by 48% to 27,742. And its acknowledgement that it didn't read the fine print on an app that's caused so much trouble will likely not be something some users forget so quickly.

"I will report back", Schroepfer said. The next quarter of 2018 should be able to shed more light on the company's current performance, and we will know if the scandals the brand is being associated with have any impact on the company at all. Net income increased by 63 percent to $5 billion and earnings per share also increased by 63 percent to $1.69. Revenue soared 49% to $11.97bn, beating analysts' expectations. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, forty-two have assigned a buy rating and two have assigned a strong buy rating to the company's stock.

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The allegations against Cambridge Analytica have heightened concerns over whether the data of Facebook users was then used to try and influence the outcome of the 2016 USA presidential election and the U.K.'s referendumto leave the European Union, which it denies.

If the Facebook CEO does speak, he would do so in a joint session of parliamentary committees because the Parliament's plenary sessions are reserved for heads of state or global leaders "and not for business leaders", the spokesperson said.

According to Facebook's CTO, the company was not aware of Chancellor's background when he was hired in November 2015, and had only "recently" found out about his past. It had initially authorised repurchases up to $6 billion.

Despite the positive financial outlook, PR Newswire states that it is too early to tell how the Cambridge Analytica scandal has affected Facebook's business. The firm had revenue of $12.97 billion during the quarter, compared to analyst estimates of $12.58 billion.

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.

"It was an important moment for the company to hear the feedback and to show what we're doing", Zuckerberg said of his first appearance on Capitol Hill.

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