Published: Fri, April 27, 2018
Money | By Hannah Jacobs

Facebook grows ad sales by 50%

Facebook grows ad sales by 50%

Parliament officials were working to to make accommodations, the report said.

Facebook chief executive Mark Zuckerberg, who has spent most of the past month on the fallout from the revelations on the hijacking of personal data by a political firm, sought to reassure investors about the company's future despite the privacy row that has sparked investigations on both sides of the Atlantic. "But if this is true and they do have the data, this is the problem we have today".

He added that if Mr Zuckerberg did not respond positively, the committee would issue a "formal summons for him to appear when he is next in the UK".

Social media giant Facebook has reached 2.2 billion monthly active users and its profits have an all-time high amidst data leak allegations, content controversy and the #deletefacebook movement on various social media platforms, latest statistics showed Thursday.

Tighter regulation could make Facebook's ads less lucrative by reducing the kinds of data it can use to personalize and target ads to users, although Facebook's size means it could also be well positioned to cope with regulations.

He was also asked why it did not immediately inform users that their data had been used without consent. "We thought, given you wanted to go into fake news, about our plans", Schroepfer said. Advertisements on Facebook would carry the label "political ad", and give a link to who bought it.

"I respectfully disagree with that assessment", Schroepfer said.

Nearly every year for a decade, Facebook Inc. has gathered makers of all sorts of apps, games, and advertising tools at its F8 conference to explain how much better their businesses could be by forming a partnership with the company to make them more social.

"There isn't an opt-out for political advertising", he said.

The Department of Culture, Media and Sport Select Committee's chairman Damian Collins accused Facebook of having tools on its platform that "work for the advertiser more than they work for the consumer". "You can remove all the interests, if you want, and leave basic information: location, age, gender".

When Collins suggested Facebook's enforcement on what developers could be improved, Schroepfer replied: "I think the starting point is people understanding, is this a random game they've never heard of or a big brand like Spotify".

Facebook stock was up more than 7 percent in after-hours trading following earnings.

"It is a awful idea that a nation state is using our product to interfere in a democratic election by masquerading as citizens of the US".

"We didn't understand the threat", he said.

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