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Facebook posts record revenues despite massive backlash
02 May
Revelations of the improperly handled data of 87 million users did nothing to stop Facebook’s profits from rolling in
The company made $11.97bn in revenue in the first three months of 2018, up 49% from the previous year, beating Wall Street estimates of $11.41bn.
“Despite facing important challenges, our community and business are off to a strong start in 2018,” said Mark Zuckerberg, Facebook’s founder, and CEO.
“We are taking a broader view of our responsibility and investing to make sure our services are used for good. But we also need to keep building new tools to help people connect, strengthen our communities, and bring the world closer together,” added Mark
Over the past few months, Facebook’s approach to privacy has undergone some massive backlash, following the discovery that the personal data of millions were harvested from Facebook and improperly shared with the political consultancy Cambridge Analytica. However, despite this, Sandy Rubinstein, Chief Executive of DX Agency, a US advertising business stated that she was advising clients to stay the Facebook course.
“There’s such a different type of granular ability to target you can achieve on places like Facebook and Instagram,” said Sandy positively.
Despite a movement to #DeleteFacebook by everyone from Elon Musk to WhatsApp founder Brian Acton within the past month or so, Facebook also has gained users over the past quarter.
“Let’s face it, they’re a revenue juggernaut,” Carol Pepper, chief executive of New York City-based asset management firm Pepper International, told CNBC’s “Squawk Box Europe” on Wednesday.
“I think Mark Zuckerberg will continue to defend the company successfully, I think the stock will recover and they’ll continue to be a big cash earner,” added Carol.
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