Facebook revenue up 50 percent in first-quarter earnings

Mark Zuckerberg faces Wall Street for first time since data scandal

The arrangement has grown into a codependent relationship in which apps and websites personalize their offerings using Facebook user data, and Facebook gains more visibility into its users' behavior beyond its own site.

Cambridge Analytica, a data firm with ties to President Donald Trump's campaign, accessed information from as many as 87 million Facebook users without their knowledge. Since that time, the part of the revenue from mobile was growing. Daily users in the United States and Canada, which posted a surprise decline to 184 million in the fourth quarter, rose to 185 million in the first quarter.

The results are a bright spot for the world's largest social network amid months of negative headlines about the company's handling of personal information, its role in elections and its fueling of violence in developing countries.

"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.

She said Facebook had only heard from "a handful of advertisers" who paused their spending in the wake of the scandal, one of whom has since returned. This may strike critics as manipulation of choice - which it is - but to many Facebook user-consumers, it brings the shopping catalogue to you, rather than you having to fetch or scroll down catalgoues. The category includes efforts to root out fake accounts, scrub hate speech and take down violent videos.

Facebook also shared details about its workforce - as of March 21, 2018, it had a headcount of 27,742, an increase of 48 percent year-over-year.

Still, despite those missteps and challenges, Zuckerberg acknowledged that Facebook's userbase, or the "Facebook community", continues to grow at a healthy clip. The company released its quarterly earnings report for Q1 2018, it has (perhaps surprisingly) fared well.

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Analysts on average were expecting a profit of US$1.35 per share.

Total revenue was $11.97 billion, above the analyst estimate of $11.41 billion.

Facebook's financial performance exceeded market forecasts and avoided any initial fallout from the Cambridge Analytica revelations as well as ongoing concerns about the platform being used for malicious purposes.

He denied that any shortcomings in Facebook's approach to political adverts before now had been due to commercial reasons. Zacks Investment Research raised Facebook from a "hold" rating to a "buy" rating and set a $198.00 price objective for the company in a report on Tuesday, January 2nd.

Facebook also announced that its board of directors had authorized the buyback of an additional US$9 billion worth of shares, raising its repurchase plan to US$15 billion. It had initially authorised repurchases up to $6 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".

Earlier this month, Zuckerberg endured 10 hours of grilling over two days in the chambers of Congress.

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