Facebook's privacy scandal appears to have little effect on its bottom Line

Screen Shot 2018 04 25

The report was being closely watched for any signs of harm to Facebook's bottom line amid a cascading controversy that has galvanized attention over privacy and sparked a backlash against behemoth tech companies.

Advertisements on Facebook would carry the label "political ad", and give a link to who bought it. Facebook's chief executive also reiterated the social network's pledge to beef up its security and content review teams - a mix of full-time employees and contractors - to well over 20,000 people by the end of 2018.

Collins said Schroepfer had failed to provide full answers on almost 40 points.

"We require that people have a terms and conditions, and we have an automated check to make sure they're there", Schroepfer said. The revelations drew alarm from regulators and lawmakers and Zuckerberg appeared at two congressional hearings in Washington this month to answer questions about Facebook's role and responsibilities.

In a written submission to the British parliament's media committee, Mike Schroepfer said those wanting to run political adverts would have to complete an authorization process and the messages would also have to display who paid for them.

There is also "certainly potential for some impact" to Facebook's ad revenue, Wehner said. "You want us to say we're responsible, which we have on multiple occasions, and you want transparency on ads and other things". In 2017 the revenue reached 85 percent. Schroepfer said he had met the information commissioner this week, and that the company had provided information to the Electoral Commission.

"We don't charge money for the platform", Schroepfer responded.

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On the issue of bullying, he said: "I am sorry that journalists think we are preventing them getting the truth out". Monthly active users totaled 2.2 billion and daily active users 1.45 billion, both meeting analysts' expectations of a 13 percent increase from a year ago.

"You aren't an innocent party wronged by the likes of Cambridge Analytica, but you are the problem, sir".

Cambridge Analytica said, in a tweet, that this was "hardly surprising: Cambridge Analytica didn't work on the referendum".

A parliamentary committee said Mr Schroepfer had failed to fully answer 40 points put to him as part of an inquiry into fake news.

Cambridge Analytica, a data firm with ties to President Donald Trump's campaign, accessed information from as many as 87 million Facebook users without their knowledge. This may strike critics as manipulation of choice - which it is - but to many Facebook user-consumers, it brings the shopping catalogue to you, rather than you having to fetch or scroll down catalgoues.

Along with the United Kingdom, which has held hearings to probe the matter, regulators with the European Union are also studying the Cambridge Analytica controversy.

Mr Schroepfer promised to make political advertising far more transparent in the future but admitted that there was now no way for people to opt out of it entirely.

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