Facebook reports profit surge, user growth despite scandals

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One would have thought Facebook, after being exposed as the latest in a long line of corporate Anti-Christs for quietly selling private data of Facebook users to Cambridge Analytica, would be punished similarly.

The Cambridge Analytica data scandal highlights the necessity for organizations to be transparent about the type of personal information that they collect, the reasons for doing so and to whom such information may be shared.

These privacy changes are a part of Facebook's requirement to comply with the European Union laws that require explicit permission from users, and the broader push to address concerns over Facebook's handling of user data.

Yet he could not say if Facebook read the terms of use for all apps allowed on the site prior to changing its policy or banning Kogan's tool in 2015.

It emerged in March that political consultancy firm Cambridge Analytica harvested the data of 87m Facebook users, including 45,000 from Ireland, to persuade American voters to vote for Donald Trump in the 2016 United States presidential election.

"I don't know that self-regulation works", she said.

A court in Bhopal has issued summons to Facebook and its CEO Mark Zuckerberg on a petition filed by a city-based startup which accused the social networking giant of taking down the page, and thereby, hampering and interfering in its business.

"We don't charge money for the platform", Schroepfer responded.

The media may uncover foul play before Facebook does, the company also said.

Facebook's reaction to the data scandal suggested a "pattern of behaviour" that included "bullying.threatening. and potentially impeding probe by lawful authorities", the Guardian quoted Mr Knight as saying.

Facebook reported cash reserves of $43.96 billion at the end of Q1 with capital expenditure for the period hitting $2.81 billion.

Facebook attracts 40 million monthly active users in Britain, he wrote, representing about 60 percent of the entire population.

"You aren't an innocent party wronged by the likes of Cambridge Analytica, but you are the problem, sir".

He also said, in response to questions about an alleged legal threats to The Guardian, that he was "sorry that journalists feel we are trying to stop them from getting the truth out".

"I respectfully disagree with that assessment", Schroepfer said. Denying analysts' estimates, Facebook announced better than expected results for the first quarter of 2018, with a net profit of $ 5 billion, an increase of 63% over a year ago and a turnover of $ 12 billion, an increase of 49%.

Daniel Ives, an analyst with GBH Insights, said in an investor note Wednesday that the user figures were "a relief given fears of missing this number were running rampant".

Collins sharply worded statement came after a session in which lawmakers demanded specificity, particularly in regard to the social media company's actions on elections and alleged Russian interference. The ongoing process is testing Facebook's developer relationships.

While working for major political campaigns, the firm gathered data to develop a mechanism that would predict and influence the behavior of United States voters.

Facebook received a certification that Cambridge Analytica deleted the data at the centre of the scandal when requested, Schroepfer said. However, he also said that Facebook's gross margin declined slightly, in part because of video content investment.

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