Facebook still cashing in on your data as sales surge

26 April, 2018, 12:40 | Author: Rolando Keller
  • Facebook

Facebook's first-quarter revenue, a major chunk of which comes from ads, jumped 49 per cent to $11.97 billion (U.S.), and profit climbed 63 per cent to almost $5 billion, according to a report released Wednesday, the first since news of the Cambridge Analytica scandal broke in March.

Overall, Facebook reported first quarter earnings of $11.96 billion, up from $8.03 billion past year; earnings per share (EPS) rose from $1.04 billion to $1.69 billion.

People keep flocking to Facebook and the social network keeps raking in money by selling them ads, privacy scandals or not.

Facebook's user figures indicate that the movement had little effect, with daily active users rising to 1.45bn (48 million more than the previous quarter) and monthly active users to 2.2bn.

Both daily active users (DAUs) and monthly active users (MAUs) saw an increase of 13 per cent year-over-year (y-o-y).

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.

Facebook reported its Q1 2018 financial results on Wednesday.

Facebook's struggles with mobile have impacted the company before, most notably when Facebook was slow to move its advertising business to mobile after its 2012 IPO and its stock tanked.

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"In a nutshell, overall this should be another step in the right direction for Facebook after a month of navigating these unprecedented data concerns post the Cambridge debacle with the worries around regulatory headwinds and damage to the company's advertising fortress a lingering black cloud over the stock".

High-profile people in the tech world said they were leaving the social network, including Brian Acton, cofounder of Facebook-owned WhatsApp, and Steve Wozniak, co-founder of Apple.

Net income attributable to Facebook shareholders rose in the first quarter to $4.99 billion, or $1.69 per share, from $3.06 billion, or $1.04 per share, a year earlier. The government has also sought information about the entities working under CA along with the details of their directors. "We think that ads is a great business model that is aligned with our mission".

Sheryl Sandberg, Facebook's COO, played down concerns about the impact of the data crisis on the company's core advertising business.

The scandal, at least for now, hasn't resulted in any significant loss in users for the California-based social media giant.

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 USA congressional hearings.

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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