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=).
After stumbling out of the starting gate in Big Tech’s pivotal race to capitalize on artificial intelligence, Apple tried to regain its footing Monday during a developers conference that focused mostly on incremental advances and cosmetic changes in its technology.
Six weeks before UnitedHealthcare CEO Brian Thompson was gunned down outside a Manhattan hotel last December, Luigi Mangione mused about rebelling against “the deadly, greed fueled health insurance cartel” and expressed that killing the executive “conveys a greedy bastard that had it coming."
Shaquille O’Neal and Allen Iverson once clashed on the court in the 2001 NBA Finals, but now the basketball legends are joining forces to revive the Reebok brand they helped make iconic.
Midea is voluntarily recalling about 1.7 million of its popular U and U+ Smart air conditioners because pooled water in the units may not drain fast enough, leading to mold growth.
Jeremy Fox-Geen, the Chief Financial Officer at Circle, joins Cheddar for a one-on-one interview as the company's stock surges on its first day of trading.
