Facebook posts record revenues for Q1, despite data privacy scandal

Anca Alexe 26/04/2018 | 14:01

Facebook Inc. shares rose on Wednesday after the company posted a surprising 63 percent rise in profit as well as an increase in users, despite the fact that it has been going through a difficult period due to the scandal over the mishandling of users’ personal data, Reuters reports.

Shares were up 7.1 percent after a month-long decline that began with Facebook’s disclosure that Cambridge Analytica had harvested the data of tens of millions of Facebook users.

Facebook said monthly active users in the first quarter rose to 2.2 billion, up 13 percent from a year earlier and matching expectations, according to Thomson Reuters I/B/E/S.

Facebook generates revenue primarily by selling personalized ads, and has made several moves in the last few weeks to reassure users of its commitment to protecting personal data, after being accused of negligence.

At the end of the first quarter, Facebook had 27,742 employees, up 48 percent from a year earlier.