Facebook warns of privacy hurdles ahead as revenue surges

26 April, 2018, 12:44 | Author: Lucy Floyd
  • Facebook shrugs off Cambridge Analytica scandal to post 1Q earnings beat

Facebook said in its first quarter earnings report on Wednesday that cash and equivalents rose to $44 billion in the period.

Nearly all of Facebook's advertising revenue, 91%, is from mobile advertising, a year-on-year increase from 85%. But in the aggregate they have shrugged off the scandals, as have users.

Revelations of the improperly handled data of 87 million users did nothing to stop Facebook Inc.'s money machine. The number of Facebook's daily active users in the United States and Canada also inched up to 185 million during the first quarter from 184 million in the previous quarter.

The company also reportedly employs 27,472 people - an increase of 48 percent when compared to 2017.

"So long as profits continue to grow at a rapid rate, investors will accept that higher spending to ensure privacy is warranted", Wedbush Securities analyst Michael Pachter said.

Facebook stock gained more than 4 per cent in after-hours trading and was up 7 per cent following its conference call.

Despite the strong results, Facebook shares closed unmoved Wednesday.

After finding the first replies from CA "cryptic and evasive", the government has sought further responses from the data mining company for five more posers from the company.

With new security and intelligent features, the new Gmail means business
Notwithstanding, the choice wasn't accessible for us right now, so the take-off is by all accounts slower than anticipated. As the sender, the content will remain in your inbox, securely encrypted, and you can revoke access at any time.

If users made a decision to restrict their data as much as possible on the platform, Ms Sandberg said it "would affect the product".

Facebook chief financial officer David Wehner said use of the social network might ebb slightly in Europe due to GDPR, but executives were confident its ad business was on firm footing since the rules affect its competitors as well.

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. That's despite a #deleteFacebook movement encouraged defections in wake of not only privacy problems but concerns about widespread abuse on the platform, including the fake news misinformation campaigns dating to before the 2016 presidential election.

But Williamson said some of Facebook's momentum was already fading due to other factors such as disinformation, social media fatigue and new platforms attracting young people.

After conversations with ad agencies and ad tech companies, Salmon believes some will see a decline in the profitability of their ads as a result of the change. "We think that ads is a great business model that is aligned with our mission".

Facebook data breach has snowballed into a major controversy in India with main political parties BJP and Congress accusing each other of engaging services of Cambridge Analytica to influence elections in the country.

Zuckerberg said the two days of hearings this month were "an important moment for the company to hear the feedback, and to show what we're doing".

Aside from some rather vague 'we need to do better' statements from CEO Mark Zuckerberg, the new advert is the closest the company's come to admitting that it has a serious image issue and that it has substantially strayed from its initial intentions.

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