Facebook's profits keeps growing despite data scandal

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Mark Zuckerberg, Founder and CEO of Facebook started the earnings announcement by discussing the problems the platform had faced such as fake news and "app developers and data privacy".

The results marked the company's first quarterly earnings report since the Cambridge Analytica scandal erupted almost six weeks ago.

"We remain strongly committed to protecting people's information and appreciate any opportunity to answer questions the European Parliament may have", said a company spokeswoman.

Facebook stock was up 7% in trading after hours following the release of the financials.

Facebook is making numerous changes to its platform to emphasise "safety, transparency and control" for users and user data, said Mr Schroepfer, including a "searchable archive" of political advertising in time for the United Kingdom local elections in May 2019.

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Schroepfer said the reason for the omission was because they "thought the matter was resolved".

Mr Schroepfer promised to make political advertising far more transparent in the future but admitted that there was now no way for people to opt out of it entirely.

Advertising revenue grew 50% to US$11.80 billion when compared to the same period a year ago, while the number of daily and monthly users both grew by 13% to 1.45 billion (daily) and 2.2 billion (monthly).

The company also said it has approved a plan to boost its share buyback program by $9 billion.

Facebook's shares jumped about 6 percent as soon as the quarterly results were announced.

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Facebook told British lawmakers on Thursday that it never read the terms and conditions for an app that ultimately allowed Cambridge Analytica to access 87 million users' names, "likes" and other personal information. The data debacle came to light late in the quarter, meaning the impact may be felt more in the quarters to come.

Facebook's chief operating officer Sheryl Sandberg reiterated that a handful of advertisers had paused their spending but the company hadn't witnessed a major trend.

David Wehner, Facebook's CFO, said Wednesday that the law, called the General Data Protection Regulation (GDPR), could cause user growth in Europe to stall or decline slightly quarter over quarter. Ad revenue made up most of that money-$11.8 billion-91 percent of which was from mobile. The Facebook executive left MPs incredulous as he said "my understanding is that this is common practice in the UK".

Collins remains keen to hear evidence from Facebook CEO Mark Zuckerberg and said he will be issuing another invitation for him to appear in front of the DCMSC.

"Overall, 2018 is a year of important investments - to keep people safe, and also to keep building the experiences people expect from us", Zuckerberg added.

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