Facebook Posts Q1 Financial Report- Profits Soars High Despite Privacy Scandal
Facebook posted its financial report of Q1 with revenue up 49% compared with the first quarter of 2017 to $11.97bn and profits up 63% to $4.9bn. That figure comes alongside 2.2 billion monthly active users, and 1.45 billion daily active users; both marking a 13% rise from Q1 2017.
Facebook seems undeterred of the data scandal as recently, Facebook posted its financial report of Q1 with revenue up 49% compared with the first quarter of 2017 to $11.97bn and profits up 63% to $4.9bn. That figure comes alongside 2.2 billion monthly active users, and 1.45 billion daily active users; both marking a 13% rise from Q1 2017.
Facebook’s advertising revenue was up 50% compared with the same period a year to $11.79bn and the crucially important mobile advertising revenue reportedly represented approximately 91% of advertising revenue for the first quarter of 2018, up from approximately 85% of advertising revenue in the first quarter of 2017.
“Despite facing important challenges, our community and business are off to a strong start in 2018,” said Mark Zuckerberg, Facebook Founder, and CEO. “We are taking a broader view of our responsibility and investing to make sure our services are used for good,” he said. “But we also need to keep building new tools to help people connect, strengthen our communities, and bring the world closer together.”
According to the reports, while the scope of that posting, which spanned from January to March, didn’t fully reflect the fallout from the Cambridge Analytica revelations, it nevertheless showed little effect from ongoing calls to delete Facebook around concerns about the social network’s role in election interference.
Facebook is also among 30 organizations under investigation by the UK’s privacy watchdog for misusing personal data for political and other purposes. Facebook has responded to the revelations about its data collection and sharing practices by announcing a raft of improvements to its privacy tools and to the way that it collects and shares user data. It has also introduced a verification process for political advertisers.
Facebook said another measure, daily active users, was up in all regions including the US and Europe. Facebook even reported an increase in headcount to 27,742 as of March 31, 2018, an increase of 48% year-over-year.
