Facebook's quarterly sales rose by almost 50% in the social media giant's first results since a privacy scandal over users' data emerged.
Facebook also reported daily active users reached 1.45 billion on average for March 2018, an increase of 13 per cent year-on-year, while monthly active users were 2.2 billion on 31 March, again a 13 per cent increase year-on-year. Amidst reports of the data breach, it was alleged that Indian political parties also employed the use of Cambridge Analytica to influence elections in India, giving rise to controversy.
Facebook's expenses will continue to grow as it invests in security and other efforts.
British political consultancy firm Cambridge Analytica was found misusing users' data collected by a Facebook quiz app which used the "Login with Facebook" feature.
While a poll last month showed that Facebook's favorability plunged 28 points in the five months between October and March, on Wednesday, the company's stock price exploded more than 7 percent in after-hours trading.
So will this result from Facebook be enough to steady the fragile U.S. share markets?
The company, 4C, tracks $250 million in actual spending from more than 1,000 brands that use its tools to buy ads. Payments and other fees for the quarter totalled $171 million.
Facebook also said it expected the number of users across Europe to stop growing or even drop as the General Data Protection Regulation, a sweeping set of digital-privacy rules, comes into force on May 25. Mark Zuckerberg was all but frog-marched onto Capitol Hill to defend his company's data-gathering practices, Apple's Tim Cook appeared in Washington for a decidedly different objective: a scheduled meeting with Donald Trump.
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To deal with the rapid growth, Facebook has been hiring more and more people.
After conversations with ad agencies and ad tech companies, Salmon believes some will see a decline in the profitability of their ads as a result of the change.
The notice has asked about the proceedings that the social media giant has undertaken against those who have violated Facebook's policies of privacy. He said the company was focused on growth and has no plans to scale back new ad-based product launches despite coming under fire from policymakers and privacy advocates.
Sheryl Sandberg, Facebook's COO, played down concerns about the impact of the data crisis on the company's core advertising business.
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.
The company is still adding monthly users right now, but at a slower pace, which is unsurprising considering how many people are already on Facebook.
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.