Thursday, 18 October, 2018

Facebook nears deal for Zuckerberg to face European Parliament

Data breach scandal: UK lawmakers demand Zuckerberg to appear before them Facebook nears deal for Zuckerberg to face European Parliament
Edmund Robinson | 27 April, 2018, 01:00

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.

Facebook's Q1 earnings showed that company revenues hit just shy of $12 billion in the first three months of 2018. Those changes have also contributed to stalled growth in some places, including a slight drop in the number of United States users.

The social network sees more than 2.2-billion people logging in to its service on a monthly basis, while 1.45-billion employs Facebook's services every single day.

Facebook is the second largest digital publisher in the world, behind Google.

What makes Facebook so attractive to advertisers?

In its recent notice to the British firm, the government has asked it to respond with the kind of data that was collected, the kind of instruments used to collect the information.

The parliamentary committee interviewing Schroepfer has also recently heard evidence from whistle-blower Christopher Wylie, former Cambridge Analytica executive Brittany Kaiser, and Aleksandr Kogan, the researcher who shared Facebook user data with Cambridge Analytica.




Nonetheless, it was a strong quarter for the social media giant. A few companies, including the German bank Commerzbank and speaker-maker Sonos, temporarily paused their ads.

Mr Schroepfer stressed that political advertising on Facebook is "a very small, low, single-digit percentage of our advertising revenue" and the company believes transparency is the best way to protect voters from malicious political ads.

Facebook has been surrounded in controversy over the way it treats users' data since reports of the scandal first emerged in March. Facebook previously said it would repurchase $6 billion of stock. But the 4C numbers give some indication of how smaller brands are behaving.

However, despite the influence the Russian company was said to have had, Schroepfer puts its Facebook spending at an nearly nonexistent level.

Still, despite those missteps and challenges, Zuckerberg acknowledged that Facebook's userbase, or the "Facebook community", continues to grow at a healthy clip.

Brian Wieser, a senior research analyst for advertising at Pivotal Research Group, said his conversations with marketers indicate none have plans to cut ads from Facebook so far.

The cost have been driven by the investments made by the company in artificial intelligence as well as security, which is a category that has staff for moderation of content, said CFO David Wehner, who said the company is spending more money on that (security) than had been anticipated.

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