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=).
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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