Facebook shrugs off scandal as revenue and profit soars

Name: Zuckerberg - 'It was my mistake and I'm sorry'
Uploaded: 2018-04-11T08:52:42+12:00
Duration: 131 s
Description: Facebook CEO Mark Zuckerberg is undergoing a two-day congressional inquisition that will be very public — and possibly pivotal for the massive social networking company he created.

NZ Herald

25 Apr, 2018 08:40 PMQuick Read

Facebook CEO Mark Zuckerberg is undergoing a two-day congressional inquisition that will be very public — and possibly pivotal for the massive social networking company he created.

Facebook's troubles with Russian election meddlers, "fake news" and misused data have dominated headlines globally.

But the scandal doesn't seem to be affecting Facebook's bottom line so far, as advertisers continue to flock to the site in droves.

Facebook's revenue, which largely derives from ads, soared 49 percent to US$12 billion (NZ$17 billion) in the first three months of the year. Profit jumped 63 percent to $5 billion (NZ$7 billion).

And despite a buzzy "DeleteFacebook" online campaign, both daily and monthly user numbers increased.

Since the story broke, there have been rumblings that advertisers would flee the platform.

But in the aggregate, they have shrugged off the scandals, as have users. More than 1.45 billion people check Facebook at least once a day, a 13 percent increase from a year earlier.