Facebook’s rise in profits, users shows resilience after scandals
Facebook’s rise in profits, users shows resilience after scandals. Facebook shares rose on Wednesday after the social network reported a surprisingly strong 63% rise in profit and an increase in users, with no sign that business was hurt by a scandal over the mishandling of personal data.
Facebook’s quarterly profit beat analysts’ estimates, as a 49% jump in quarterly revenue outpaced a 39% rise in expenses from a year earlier. The mobile ad business grew on a push to add more video content. Facebook said monthly active users in the first quarter rose to 2.2B, up 13% from a year earlier and matching expectations. Read more here.