Facebook to clearly label political advertising in Britain, CTO says

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"Despite negative headlines about Facebook's unmatched reach, Cambridge Analytica's allegedly improper use of Facebook data on up to 90 million users, the calls to "#deleteFacebook" and two days of Congressional hearings for CEO Mark Zuckerberg, the company emerged with almost $5 billion in net income for the quarter, up 62.8 percent from a year earlier.

The tech giant also boasted a 50 percent increase in ad revenues, from $7.86 billion dollars in the first quarter of 2017 to $11.79 billion in 2018, showing that it's still on good terms with advertisers. Analysts had expected a 40 percent increase to $11.4 billion. Both the reported quarterly earnings and revenue have surpassed expectations, especially in the face of all the backlash the company and Mark faced.

"Despite facing important challenges, our community and business are off to a strong start in 2018", Zuckerberg said.

Schroepfer said it was clear Facebook had not done enough to ensure its tools could "potentially being used for harm" or take a broad enough view of its responsibility. "The core of our job is to build a service which helps millions of people connect with each other around the world every day".

According to Facebook's CTO, the company was not aware of Chancellor's background when he was hired in November 2015, and had only "recently" found out about his past.

Dr Aleksandr Kogan, who gave the personal information of millions of Facebook users to Cambridge Analytica in 2014, told MPs that personality scores he gave to the company were "highly inaccurate" and "made little sense" for political advertising.

Zuckerberg has repeatedly apologized for the breach, which triggered a sell-off in shares.

In a wild back-and-forth exchange, Lucas pressed Schroepfer on why Facebook CEO Mark Zuckerberg would not appear before British MPs.

A boycott campaign popularized by the hashtag #DeleteFacebook stoked fears of an exodus that could leach to advertisers.

The scandal had no discernible impact on the company's business.

Wall Street analysts were dubious the company would pay a heavy price - and its first-quarter results suggest they were right.

A recent drop in its North American users was reversed, the company added, stating that American and Canadian users had grown by 1 million individuals to 185 million over the last quarter alone.

The social networking platform took in $11.9 billion over the first three months of 2018, an increase of 49 percent from past year.

Net income for the first quarter came in at US$4.99 billion, or US$1.69 per share, compared with US$3.06 billion, or US$1.04 per share, a year earlier, Reuters reports.

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