Facebook makes $3Billion profit in 3-months as shares surged 9.1 percent,Despite the Cambridge Analytica scandal

Mark Zuckerberg,
Mark Zuckerberg, chief executive officer of Facebook Inc. Getty Images

The social media giant Facebook quarterly sales rose by over $3 billion as advertising revenue rose to $11.7bn in the three months to the end of March, compared to $7.8bn in the same period a year ago.

First quarter profits also grew, reaching $4.9bn compared to $3bn last year. Facebook said the average number of daily active users over March had risen to 1.45 billion, a 13% increase year-on-year.

Despite the privacy breaching scandal. The company said that revenues rose to $11.9bn in the first three months of the year, compared to $8bn previously. Mark Zuckerberg said: “despite facing important challenges, our community and business are off to a strong start in 2018.

We are taking a broader view of our responsibility and investing to make sure our services are used for good. But we also need to keep building new tools to help people connect, strengthen our communities, and bring the world closer together.”

The founder said,the average number of monthly active users for March also rose by 13%, to 2.2 billion, and the number of staff saw a steep 48% increase to 27,742. Facebook had in March faced a controversy over yielding millions of users’ data to Cambridge Analytica which reportedly manipulated it during U.S President Donald Trump’s electioneering in 2016.

Ever since the suspension last month of data analytics firm Cambridge Analytica for its improper use of data, Facebook users and investors, as well as lawmakers, have been asking if this was an isolated incident or if there’s more to come.

“We anticipate that we will discover and announce additional incidents of misuse of user data or other undesirable activity by third parties,” Facebook said in the filing published on Thursday. “We may also be notified of such incidents or activity via the media or other third parties.”

Facebook said, efforts to mitigate cybersecurity risks, we are making significant investments in safety, security, and content review efforts to combat misuse of our services and user data by third parties, including investigations and audits of platform applications that previously accessed information of a large number of users of our services.


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