Facebook revenue up 50 percent in first-quarter earnings

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It now has an overall user base of more than 2.2 billion.

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.

The social network also reported 2.2 billion monthly active users worldwide - a bit higher than the expected 2.19 billion monthly active users - and 1.45 billion daily active users.

Both revenues and profits beat analysts' expectations as the Facebook Q1 earnings report was more positive than had been anticipated. However, after-hours activity saw the stock gain as much as 4% on the results, while it climbed around 7% after the earnings call.

Zuckerberg said the outrage had no material effect on Facebook operations in April. "We think that ads is a great business model that is aligned with our mission".

Advertising revenue was up 50% compared with the same period a year to $11.79bn and the crucially important mobile advertising revenue reportedly represented approximately 91% of advertising revenue for the first quarter of 2018, up from approximately 85% of advertising revenue in the first quarter of 2017.

Only revenue from ads, which make up almost all of the company's revenue, rose 50% to $ 11.8 billion.

The company said it was increasing the amount of money authorised to repurchase shares by an additional $9bn. It has also introduced a verification process for political advertisers.

Mr. Schroepfer will be outlining these measures while he gives evidence to a parliamentary committee set up to look into fake news as well as the personal data leak scandal linked to the political consultancy firm, Cambridge Analytica.

Facebook's chief operating officer Sheryl Sandberg reiterated that a handful of advertisers had paused their spending but the company hadn't witnessed a major trend. With the #DeleteFacebook movement trending for quite some time and the scandals Facebook is being associated with gaining steam at the end of the first quarter, the company's growth rate may have been affected.

The better-than-expected results propelled Facebook shares 7 percent higher in U.S. after-hours trade, with investors relieved that the social network giant appeared unscathed financially despite getting caught up in a user data misuse controversy.

However, "from now on", says the video, "Facebook will do more to keep you safe and protect your privacy". But he said Facebook doesn't "really see a doomsday scenario here".

"We remain strongly committed to protecting people's information and appreciate any opportunity to answer questions the European Parliament may have", said a company spokeswoman.

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