Facebook brushes off Cambridge Analytica scandal with record Q1 revenues

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Cambridge Analytica was hired by Donald Trump's 2016 election campaign team, and MPs have also raised concerns over whether adverts on social media could have influenced the European Union referendum.

In the 3rd quarter of the 2012 year, Facebook shared the first significant progress of mobile advertising.

The growth is a rare ray of sunshine for the tech giant, which recently had been on the public defensive not just over privacy issues but also over fake news and election meddling.

That amount of cash puts its profits up 63 percent compared to the same period in 2017, while its daily and monthly active users continue to grow at a steady pace - 13 percent each year-over-year in this last quarter.

The report showed the number of people using Facebook monthly rose 13 percent from previous year to 2.2 billion as of the end of last month, despite concerns that users would abandon the network following the misuse of data by Cambridge Analytica.

For now, the answer appears to be no. Facebook released its quarterly financials Wednesday, which showed that, at least as far as investor and advertising money is concerned, the company that started in Zuckerberg's dorm room is on solid ground.

Facebook is also going to pursue technological solutions to catch these things proactively.

Facebook's technical boss is facing British a committee of British MPs after CEO Mark Zuckerberg refused to attend in person.

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"We are taking a broader view of our responsibility and investing to make sure our services are used for good". 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. Market researcher eMarketer predicted Facebook would take 18 percent of global digital ad revenue in 2018, second only to Google.

Additionally, Facebook now hires more staff than ever before.

"Most [advertisers] are disturbed at an individual level with what happened", market researcher Brian Wieser told AP, "but there's nothing that made Facebook overly toxic - yet".

And in spite of the #DeleteFacebook movement that ironically spouted up on Twitter following Facebook's questionable handling of user data, the social network saw a 13 per cent rise in daily active users.

The number of active users in the USA and Canada has jumped back to 185 million following last year's historic downturn.

The social media platform has managed to weather the daily user slump it suffered past year.

Mr Schroepfer was asked why Facebook had threatened to sue the newspaper over its story about the Cambridge Analytica data scandal.

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