Facebook to clearly mark political ads in Britain: FB CTO

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"At first look, we would characterize [these] results as a relief and as a sign that so far the damage from Cambridge appears contained, although this will be a long three to six months ahead to steer through this storm", GHB Insights analyst Daniel Ives said in a research note.

"For most of our existence, we focused mostly on the positives, but it's clear now we didn't do enough to prevent foreign interference, hate speech or app developers [from mishandling] data privacy", Zuckerberg said at the start of the company's earnings call with investors on Wednesday afternoon.

Facebook also said it would increase its stock buyback program by $9 billion.

When questioned by chairman Damian Collins, Mr Schroepfer said there was no "category-by-category opt-out" in terms of the kind of political advertising users were presented with, meaning they have no control over whether they're presented with adverts from particular campaigns or parties.

Facebook has made a number of pledges in the wake of the Cambridge Analytica scandal, having said 87 million users could have had their information improperly shared with the data analysis firm.

Reuters reported that Facebook has seen a 63 percent rise in profits, as well as an increase in users.

Despite many users saying they deleted Facebook as the result of a privacy scandal that erupted in mid-March, 3.4% more people logged on each day in March than in the previous quarter.

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It is spending to ensure users are not scared away by scandals.

With all the uproar over the Cambridge Analytica data breach and Mark Zuckerberg's US Congressional hearing, things are still great at Facebook, especially when it comes to business. The CEO also talked about other social platforms Facebook owns, like Instagram and WhatsApp, two apps he says continue to grow at incredible pace.

The allegations against Cambridge Analytica have heightened concerns over whether the data of Facebook users was then used to try and influence the outcome of the 2016 US presidential election and the U.K.'s referendumto leave the European Union, which it denies.

There is also "certainly potential for some impact" to Facebook's ad revenue, Wehner said. Facebook is expected to take 18 per cent of global digital ad revenue this year, compared with Google's 31 per cent, according to research firm eMarketer. It had initially authorised repurchases up to $6 billion.

In February, Simon Milner, who was Facebook's United Kingdom head of policy at the time, told officials that Cambridge Analytica did not have any Facebook data. Revenue from advertising was up by 50% to over $12 billion.

"We believe this is a prudent move to secure the stabilization of user engagement, advertiser confidence and government relations", Mizuho Securities analyst James Lee said.

"It was an important moment for the company to hear the feedback and to show what we're doing", Zuckerberg said of his first appearance on Capitol Hill.

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