With 2.2bn users, Facebook's profits soar in Q1

Facebook CEO Mark Zuckerberg testifies before Congress over the Cambridge Analytica scandal

One of the allegations in the Cambridge Analytica scandal was that data from millions of Facebook users was used to help micro-target political ads to select groups meaning that only those most susceptible to the message would see the advertisements.

"Everybody keeps talking about how bad things are for Facebook, but this earnings report to me is very positive, and reiterates that Facebook is fine, and they'll get through this", said Daniel Morgan, senior portfolio manager at Synovus Trust Company.

So will this result from Facebook be enough to steady the fragile USA share markets?

The company's North American daily active users have also returned to growth, inching up to 185 million, after they dropped for the first time ever in Q4 2017, to 184 million - assuaging short-term concerns that users may be about to abandom the social network. The mobile ad business grew on a push to add more video content.

Facebook also added 48 million daily users; overall, the company boasts 1.45 billion daily active users-in line with Wall Street estimates and up 13 percent year-over-year-and nearly 2.2 billion monthly active users, beating estimates of 2.19 billion and also up 13 percent year-over-year. More than 1.45 billion people check Facebook at least once a day, a 13 percent increase from a year earlier.

But advertisers have shrugged off the scandals in the aggregate.

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.

Another area of growth is the company's headcount, which increased by 48% to 27,742.

Visitors take photos in front of the Facebook logo at the company's headquarters in Menlo Park, Calif., on March 28, 2018.

Amazon confirms the existence of a 'Fire TV Cube'
There is Bluetooth connectivity and a 3.5mm Aux-in port to let you transform the Echo Spot into a home entertainment system. The output from the speakers is supposedly good enough that the device can just rest on your kitchen counter or table top.

Facebook's expenses will continue to grow as it invests in security and other efforts.

The better-than-expected results propelled Facebook shares 7 percent higher in USA after-hours trade, with investors relieved that the social network giant appeared unscathed financially despite getting caught up in a user data misuse controversy.

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

Facebook topped market forecasts for revenue and earnings in the three months to March 31, joining rival Google in doing much better than anyone had thought.

Facebook CEO, Mark Zuckerberg, said the results reflected ongoing support for the group, even as it faces significant criticism for its handling of consumer privacy and data.

The company's total revenue increased 49 percent, in comparison to 2017, while its advertising revenue increased by 50 percent when compared to 2017. The $9 billion stock buyback comes in addition to the $6 billion already authorised.

The social media site managed to recover well from the Cambridge Analytica data scandal as the site still experienced steady engagement.

The latest notice sent to Cambridge Analytica, which is accused of using data from Facebook to influence political elections in various nations, flagged the previous response from the firm as "cryptic and evasive" and sough additional details. The question for analysts will be whether the declines are truly Facebook's own design or a reflection of user preference.

Related news:

Hot News

isis-killer-beheading-video-story-top Arsenal boss Arsene Wenger is addicted to 'Russian Roulette' of management
Apr 26, 2018 - 12:41
Wenger said he would have no say as to who succeeds him but spoke highly of former Barcelona coach Luis Enrique . Thursday's match will be the final time Wenger takes charge of the Gunners for a home European tie.

isis-killer-beheading-video-story-top Carletto offered the Italian Job
Apr 25, 2018 - 15:32
It is the second time in the last month that the two parties have met with Olympic Committee president, Giovanni Malagó also being in favour of Ancelotti to take over.

isis-killer-beheading-video-story-top Eagles In Talks With Washington Over Possible White House Visit
Apr 25, 2018 - 15:30
Lurie has also made his political leanings known in private league meetings, including last October at N.F.L. headquarters. The team said it is planning a visit to the White House to celebrate its first Super Bowl victory in franchise history.

isis-killer-beheading-video-story-top Google Is Giving Gmail a Makeover
Apr 25, 2018 - 15:30
Confidential mode adds several new features to email that allow much more control over information after it leaves your inbox . Yes, bizarrely, even though Gmail has included Tasks from the outset, this marks the first time it has had its own app.

isis-killer-beheading-video-story-top Spotify Adds a Bunch of New Features to Free Offering
Apr 25, 2018 - 15:27
In the wake of Spotify's recent IPO , you may think the company would focus mostly on their paid customers to boost revenue . And finally, Spotify has created a new Data Saver feature to let you listen to music without emptying your data bucket.

isis-killer-beheading-video-story-top Dallas Shooting Suspect Caught; 2 Officers Critically Wounded
Apr 25, 2018 - 15:25
According to Dallas County court records, a 29-year-old Dallas man Armando Juarez pleaded guilty of stealing a auto last November. Two people are in jail accused of shooting police officers and a Home Depot employee in Dallas, Texas.

isis-killer-beheading-video-story-top Conway Pushes Back on Media Attack Involving Her Husband
Apr 24, 2018 - 05:06
Kellyanne Conway has made it clear that questions about her husband are off limits, clashing with CNN's Dana Bash on Sunday on the topic.

isis-killer-beheading-video-story-top Impeachment: RS Chairman Venkaiah Naidu rejects motion against CJI
Apr 24, 2018 - 05:05
Nariman said the Rajya Sabha chairman was right in deciding against admitting the notice given by the Congress-led Opposition. Venkaiah Naidu today rejected the notice given by opposition parties led by the Congress for impeachment of the CJI.

isis-killer-beheading-video-story-top Earth Day: Let's pledge to keep our environment clean, says Mamata
Apr 24, 2018 - 05:05
According to the Earth Day Network (EDN), the Earth Day has reached its 48th year and is celebrated every year on Arpil 22. This media house does not correct any spelling or grammatical error within press releases and commentaries.

isis-killer-beheading-video-story-top Arsenal thrash West Ham 4-1
Apr 24, 2018 - 05:03
You deal with it and you argue about it afterwards. "We've had good results and I think today we were going a long way to getting a good result".

isis-killer-beheading-video-story-top Mullinax (T-2) comes up short of maiden win
Apr 24, 2018 - 05:02
The Tour moves to Avondale, La., next week for the Zurich Classic, a two-player team event, at the TPC Louisiana. After the third round, Landry was in a good position as he had a good cushion to take into the last day.

isis-killer-beheading-video-story-top Snead With Ravens as Saints Decline to Match Offer
Apr 24, 2018 - 04:39
On the final day of restricted free agency, the Ravens signed Snead to an offer for $10.4 million total over the two years. The former Ball State player's 2017 season was limited after Snead was charged with a DUI in early September.

isis-killer-beheading-video-story-top NFL Network Analyst Mike Mayock Talks Raiders Draft Picks
Apr 24, 2018 - 04:33
Others believe the opposite, however, as they've instead accepted defense and quarterback play as their foundations. Kiper went first in the alternating format, and the prominent pundit sticks to his guns by projecting Josh Allen.

isis-killer-beheading-video-story-top First African-American Heavyweight Boxing Champion to be pardoned?
Apr 23, 2018 - 21:57
Jackson fled the country to escape prison but returned in 1920 to serve his sentence, spending ten months in prison. John McCain (R-Ariz.), have petitioned the Justice Department to move forward with a pardon for Johnson for years.

isis-killer-beheading-video-story-top Indian PM to visit China for talks with Xi
Apr 23, 2018 - 21:54
He is again due to visit China to take part in the SCO summit to be held at Qingdao city on June 9-10. Jaishankar told India's Asian News International that the summit was "certainly a very bold step".