Facebook still gets a profit despite being hit by the issue of data theft

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The abuse of data scandal involving 87 million users involving British political firm Cambridge Analytica did not affect Facebook's business performance. In the latest financial statements, Facebook profits are known to be higher than the previous quarter.

On Wednesday, Facebook released a 63 percent increase in corporate profits. Facebook shares on Wednesday traded up 7.1 percent after hitting $ 171.

This performance at once dismissed estimates that predict analysts in the first three months in 2018, Facebook is only able to record profits of US $ 11.4 billion, up 40 percent from the same period a year ago.
Over the last two years, Facebook shares are known to rise 7 percent.

In addition to rising in terms of profit, the number of Facebook users also recorded an addition. Monthly active users in the first quarter rose 13 percent to 2.2 billion from a year earlier.

Daniel Morgan, senior portfolio manager at the Synovus Trust Company quoted Reuters as saying that the numbers indicate that Facebook will stay okay despite problems.

"Everyone keeps talking about how bad Facebook is, but this financial report to me is very positive and reaffirms that Facebook is fine and they will be able to go through this," Morgan said.

Chief Financial Officer of Facebook, David Wehner revealed the company's plan to drain the investment in order to restore the confidence of users. Operating costs up this year increased 50 to 60 percent from the previous in the range of 45 percent.

Most of these costs will be used to improve user safety and security issues. Facebook will also invest to root out fake accounts, remove hate speech, and videos of violence.


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