Despite Cembridge Analytica scandal, Facebook reports stronger Q1 earnings

Despite Cembridge Analytica scandal, Facebook reports stronger Q1 earnings

The world’s largest social networking company, Facebook said it made a gross revenue of $11 billion in the first quarter of 2018.

The result is a positive one despite Facebook’s image crisis caused by its involvement with Cambridge Analytica, a data analytics consultants that work for politicians across Europe, Africa and America.

On a year on year basis, Facebook’s revenue grew by 50% which was an improvement compared to $7 billion reported in 2017.

Net income for Facebook with the quarter came in at $4,9 billion compared to $3 billion posted in 2017.

The image scandal has not really affected Facebook’s user growth as the company said its daily active users was 1,4 billion, an increase of 13% year-over-year. However, the company’s user base might see a fall given that the scandal happened at the tail end of the quarter.

“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.”

Hr added that “But we also need to keep building new tools to help people connect, strengthen our communities, and bring the world closer together.”

Facebook owns Instagram, WhatsApp, Oculus and other startup ventures.