As per the report submitted by Facebook, it has witnessed a surge in the revenue by 63% for the first quarter of 2018. The aforesaid profit was realized amidst the heaps of controversies regarding the user information misuse. One of the prime reasons for the profit is the enhanced revenue from the advertisements posted on the social media network.
Facebook has witnessed a profit of $4.99 billion for Q1 which is around $1.69 per share. Last year these figures were $3.06 billion and $1.04, respectively.
For March, the number of active users was increased by 13%, which has now touched 1.45 billion. Even the monthly users witnessed a rise of 13%, which is 2.20 billion.
Out of the entire amount of revenue earned, the previous year, 85% was added to the mobile advertising, which touched 91% this year.
A happy CEO stated that his organization stands stable in spite of the adversities of the controversies. He also cleared that he will be taking a firm control over the sensitive information of the people to offer a better service to the users. In order to give his perspective a positive direction, he is planning to build new tools, which will help people link with each other, which is the primary motto of the social media platform rather than spreading hatred on diversified issues.
Over a past few weeks, the platform has been facing criticism regarding the misuse of data to turn the destiny of the political activities. He had faced the Congress and apologized for the ignorance and has committed to take necessary steps to eradicate the privacy concerns.
Since Facebook is spending oodles of money on the research and development activities, the expenses have hiked immensely to $6.52 billion.
The shares of Facebook closed at $159.69, which rose by $7.11 during the after-hours trading.