Facebook sales up 50 per cent despite data scandal
- Author: Leroy Wright Apr 26, 2018,
Apr 26, 2018, 21:03
That's up from 1.40 billion daily active users on average in December. Moreover, its focus on expanding "meaningful Groups on Facebook" will help it achieve its goal of helping 1 billion people. Both figures met or exceeded Wall Street estimates. In fact, monthly active users rose 13% to 2.20 billion, from 2.13 billion in the previous quarter.
There's a caveat, and it's a big one.
In a seemingly new turn against the data breach scandal of Facebook, India is now taking the relevant steps to ensure that they are recovering the data breaches of INDIANS and looking to probe further into the matter.
To deal with the rapid growth, Facebook has been hiring more and more people.
The scandal, at least for now, hasn't resulted in any significant loss in users for the California-based social media giant.
"While we don't expect these changes will significantly impact advertising revenue, there's certainly potential for some impact", chief financial officer David Wehner said.
"I am sorry that journalists feel we are attempting to prevent the truth coming out", Schroepfer said.
Facebook, which generates revenue primarily by selling advertising personalized to its users, has demonstrated for several quarters how resilient its business model can be as long as users keep coming back to scroll through its News Feed and watch its videos. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating, forty-two have given a buy rating and two have issued a strong buy rating to the stock.
"That's what makes Facebook so important to so many people, and that's our responsibility too", said Zuckerberg.
Analysts had already noted that Facebook consumption was declining.
Throughout the session, Schroepfer also defended Zuckerberg's decision not to fly to London and address the MPs before the committee himself, insisting the CEO was busy "in the office" fixing the problems raised by the recent scandals.
Facebook has over 6 million active advertisers and Instagram has 2 million.
Analysts had forecast EPS of $1.35 on revenue of $11.4 billion.
Facebook did not share an update on how much time its users are spending on the platform.
Facebook Inc. continued to add users and saw revenue soar in the first quarter despite facing its worst crisis in company history over the mishandling of personal data belonging to millions of unsuspecting users. The availability of carousel ads in Stories is also a positive.