Facebook's profits keep growing despite data scandal

Facebook reported a 63 percent rise in income for the first quarter of 2018, despite recent tumult over reports that users had their data harvested by Cambridge Analytica. 

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The social media giant released its quarterly report on April 25. Net income was just under $5 billion ($4.98 bn, or £4bn). Its number of monthly active users increased to 2.2 billion, 13 percent higher than the equivalent period in 2017. Daily users in the United States and Canada were 185 million, recovering after a dip in the final quarter of 2017. (Financial Times)

There’s also a 49 percent rise in its revenue from the previous year. Facebook made $11.96 billion (£9.8bn) in the first quarter of 2018, compared with $8.03 billion (£6.6bn) for the first quarter of 2017.

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Last month’s Cambridge Analytica scandal, which affected up to 87 million users, prompted widespread demands for more regulation and for users to delete their Facebook accounts. Chief executive Mark Zuckerberg appeared before two U.S. Congress committees to explain the company’s actions (read WikiTribune reports here.)

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