Facebook reported its first-quarter earnings after the markets closed Wednesday, beating much of Wall Street’s expectations and seeming to overcome concerns that the Cambridge Analytica data scandal would slow the company's growth.
The average number of daily active users in March grew 13 percent from the year before to 1.45 billion. Facebook's overall revenue jumped by 49 percent from last year to nearly $12 billion based on growth in advertising revenue. The news sent shares surging by almost 7 percent after hours.
“We don’t see a decelerating business model here,” said Andrew Keene, chief executive of AlphaShark.com. “The numbers are great and I think that Facebook is going to move higher from here.”
The controversy over data privacy protections reached its height at the end of the first quarter, and it could take some time to see if the fallout has a lasting effect on the company's stock. Facebook shares are down 13 percent from the period before the Cambridge Analytica news was reported.
Facebook reported earnings just a day after it made public for the first time its [internal guidelines](https://cheddar.com/videos/facebook-wants-to-be-more-transparent-with-its-content-policy) for policing content on its site. In a bid to regain trust from its users, Facebook put out a 27-page document outlining how it defines hate speech, bullying, and child nudity. It also announced that it would allow users to make a direct appeal if they disagree with Facebook’s decision to pull something down.
For full coverage, [click here](https://cms.cheddar.com/videos/VmlkZW8tMTY3MTA=).
Much like all the upheaval shaking the world, the huge swings rocking Wall Street may feel far from normal. But, for investing at least, this is normal.
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
