What Facebook crisis? Ad sales skyrocket to $11.8 billion, users don't #delete

by Frankie Norman April 27, 2018, 1:12
What Facebook crisis? Ad sales skyrocket to $11.8 billion, users don't #delete

Mike Schroepfer may not have been Mark Zuckerberg, but Facebook's chief technology officer was nevertheless forced to admit in front of MPs that the company had made errors in its handling of the Cambridge Analytica data breach, faced questions over what the company had not told MPs in a previous hearing, and apologised for threatening the Guardian with legal action.

Under the new policies, those seeking to run political adverts will be required to complete an authorisation process.

The report showed the number of people using Facebook monthly rose 13 percent from a year ago to 2.2 billion as of the end of last month, despite concerns that users would abandon the network following the misuse of data by Cambridge Analytica.

Lucas questioned whether Facebook had integrity, to which the executive responded: "It hurts when we make mistakes". They are probably even less concerned about this data - about tastes, purchases, kinks and choices - being used by "third parties" to throw information, even misinformation, at them, tailored according to their Facebook-reflected choice.

It's something we're working very hard on.

Facebook, which generates revenue primarily by selling advertising personalized to its users, has demonstrated for several quarters how resilient its business model can be as long as users keep coming back to scroll through its News Feed and watch its videos.

A searchable advert database will also be created, making information including how many times an ad had been viewed, the demographics it was targeted at and how much money had been spent, he added.

Facebook also told U.K. lawmakers on Thursday that it would seek to ensure political ads targeting British lawmakers and voters are more transparent, much as it has pledged to do in the United States. Facebook has since apologized amid the scandal and promised to do a better job of safeguarding user data. Developers who want to see large amounts of data have to ask Facebook for permission and go through a review-a change that took place in 2014.

He said the company's behaviour was not meant to be interpreted as an attempt to stop the story becoming public, despite letters having been sent to The Guardian in March threatening to sue.

The hearing came as the European Commission announced that it wanted online giants like Facebook, Google and Twitter to agree to a special code of conduct to tackle fake news.

"We also found certain billing and administration connections between SCL/Cambridge Analytica and AIQ", Schroepfer wrote.

"There isn't an opt-out for political advertising", he said.

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