Facebook didn't read terms and conditions for app behind Cambridge Analytica

Screen Shot 2018 04 25

Screen Shot 2018 04 25

Mike Schroepfer, the CTO, was answering questions from a member of Parliament, who asked whether Facebook read the terms and conditions for GSR, the app developer that later sold information on 87 million Facebook users to Cambridge Analytica.

Addressing Schroepfer directly, the MP said the social network had tried to evade responsibility for the impact it was having on society: "I put it to you today, sir, that Facebook is a morality-free zone destructive to a fundamental right of privacy".

Despite the strong results, Facebook shares closed unmoved Wednesday. His firm holds about 73,000 shares in Facebook.

While some famous names and companies have abandoned Facebook recently, the site's number of monthly active users keeps on growing. Analysts also expected monthly active users to rise to 2.19 billion, up from 2.13 billion in the fourth quarter.

Regardless, the social media company seems to be unfazed by the controversies surrounding it while battling for their reputation. And 91 percent of advertising payment is from mobile.

It is spending to ensure users are not scared away by scandals. This is a 13 percent increase year-over-year.

By June 2018, UK Facebook users will be able to see more about general ads too through a "view ads" button.

Leeds United owner defends club's Myanmar tour amid controversy
The backlash was nearly immediate with the United Kingdom's Rohingya community damning the statement as "disgraceful". The military has killed men, abused women and children and razed villages as part of a "brutal" human rights record.

Nearly all of Facebook's advertising revenue, 91%, is from mobile advertising, a year-on-year increase from 85%. Petitions signed by more than 50,000 users forced the company to shut it down in 2009.

At least eight brokerages raised their price targets on Facebook stock, while one cut its price on the stock. Analysts had expected a 40 percent increase to $11.4 billion.

The company also shared details about its ad revenue and capital expenditure. The CEO also talked about other social platforms Facebook owns, like Instagram and WhatsApp, two apps he says continue to grow at incredible pace.

The Cambridge Analytica scandal unleashed calls from politicians on both sides of the Atlantic for stricter rules regarding use of user data and tighter advertisement regulation.

Facebook will only accept political ads from authenticated accounts.

Facebook's staff headcount was 27,742 as of 31 March - a year-on-year increase of 48 per cent.

"Adjusted EBITDA of $7.35 billion was 13% ahead of our estimate of $6.51 billion, driven by margin improvement slightly offset by higher cost of revenue due to video content investment and the move from net to gross accounting for Instant Articles", Nathanson wrote in a research note. He was then pressed on why Facebook executives were in Cambridge Analytica's office at the time the data breach revelations emerged.