Facebook chief Mark Zuckerberg, who was called to testify to the US Senate after the Cambridge Analytica incident, described the chance to hear the public's concerns as an "important moment" for the company.
The company is proving that even with the Cambridge Analytica scandal and concerns over user privacy and the spread of fake news, businesses can't afford to pull dollars away from Facebook's 2.2 billion monthly active users.
To push the point that Facebook has is willing to do whatever it takes to protect its users' privacy, Zuckerberg said, "Going forward, we're going to take a more proactive position on this and do much more regular stock checks and other reviews of apps, as well as increasing the amount of audits that we do". Monthly active users probably rose to 2.19 billion - from 2.13 billion.
First quarter profits also grew, reaching $4.9bn compared to $3bn a year ago.
In the United States and Canada, Facebook gained roughly one million new users over Q1 to reach 185 million DAUs.
Facebook Inc. continued to add users and saw revenue soar in the first quarter despite facing its worst crisis in company history over the mishandling of personal data belonging to millions of unsuspecting users. Lawmakers unveil bipartisan internet privacy bill Cambridge Analytica whistleblower briefs House Dems MORE said during an earnings call when asked if the company was looking for different revenue streams.
Facebook's share price soared 7.5 percent in after-hours trading on Wednesday. We are taking a broader view of our responsibilities.
Trump rebukes 'stupid question' from ABC News star reporter
Associated Press Washington Bureau Chief Julie Pace countered on CNN that the query about Cohen was 'not a stupid question. The FBI raided Cohen's office and hotel room in NY earlier this month , seizing boxes of documents and electronic devices.
The company's total revenue increased 49 percent, in comparison to 2017, while its advertising revenue increased by 50 percent when compared to 2017.
Facebook's business model relies on allowing advertisers to use customers' data to better target them and using the revenue from these ads to keep the social network available for free.
While Facebook came out on top this quarter, its Q2 could tell an entirely different story.
The Ministry of Electronics and Information Technology (MeitY) had sent the first notice to Facebook on March 28, to which the company had sent responses on April 5.
It has asked Facebook to list out security architecture proposed to be created by the company "so that data concerning Indians are not pilfered or manipulated again for extraneous purposes including to influence the elections".
Zuckerberg faced questioning in two congressional panels earlier this month about revelations that personal data on 87 million users was harvested by Cambridge Analytica, a consultancy working for Donald Trump's 2016 campaign.
Still, Bearden says deleting his profile won't mean a lot unless many other Facebook users do the same. Despite seeing billions of dollars shaved off of its market cap, Facebook's quarterly earnings-which the company published on Wednesday-suggest it managed to survive the scandal with both its bottom line and its user base relatively intact. The mobile ad business grew on a push to add more video content. It has also introduced a verification process for political advertisers and page administrators and plans to comply with Europe's General Data Protection Regulation (GDPR).