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=).
Apple has rolled out an update to its operating system this week with a feature called Stolen Device Protection. It makes it a lot harder for phone thieves to access key functions and settings, and users are being urged to turn it on immediately.
The U.S. economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and frustrating price levels.
Alan Becker, CEO and Investment Adviser Representative at Retirement Solutions Group and RSG Investments, shares his thoughts on the latest GDP data plus why he's not sold cryptocurrency as a long-term asset.
The Biden administration wants to ban another type of bank “junk fee," targeting fees that are typically charged by banks when a transaction is declined in real time.
Al Root, senior writer at Barron’s, breaks down everything expected from Tesla’s earnings report, from Elon Musk’s demands from the board to why the market has been looking for affordable EV options.
Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9% of its full-time workforce. The announcement follows similar moves by other tech companies that ramped up hiring during the pandemic while people spent more time and money online.
