Facebook Suspects More Data Breach Scandals in Future

Jeremy Cerone Co-founder and CEO of Elite Safe Inc. 

1:13 AM 04/24/2018

Yet he could not say if Facebook read the terms of use for all apps allowed on the site prior to changing its policy or banning Kogan's tool in 2015. The breeder of Yorkshire terriers does about three-quarters of her advertising on Facebook and Instagram, which is owned by Facebook, and estimates that about 80 percent of her customers find and contact her business through Facebook. The "hearings" in which he was fawned over by various USA legislators, with invites to come to local schools and called a "hero", a waste of two days of anyone's time.

"People tell us that if they're going to see ads they want the ads to be good", he said, noting that requires keeping track of what people are interested in.

And while Facebook is relatively bullish about GDPR, pointing to it being an industry-wide issue, it warned that the privacy laws could damage both monthly and daily user numbers.

Although Facebook has been under a consent decree with the Federal Trade Commission since 2011 after a previous privacy infraction, the company has largely been regulating itself for the last 14 years.

Net income attributable to Facebook shareholders rose in the first quarter to $4.99 billion, or $1.69 per share, from $3.06 billion, or $1.04 per share, a year earlier.

Facebook is a "morality-free zone" that bullies journalists and threatens academics, said a British lawmaker, while probing a data breach controversy, the media reported. That crisis, which resulted in a #deleteFacebook campaign and a congressional inquiry for Zuckerberg, hit toward the end of the quarter - so its implications have had little visible impact so far.

"The bigger question is fatigue with the platform", said Devitt, who has a "hold" rating and $175 price target on Facebook stock. "And we believe actions that lead to revenues speak louder than words". Monthly active users in the USA and Canada rose to 241 million, while daily active users climbed to 185 million in the first quarter.

The company also said it has approved a plan to boost its share buyback program by $9 billion.

Earlier this month, Zuckerberg apologised to USA senators for issues that have beset Facebook, but the 33-year-old internet mogul managed to deflect calls for any specific promises to support possible congressional regulation.

Schroepfer said that while he was giving evidence, "we'll likely be blocking hundreds of thousands of attempts by people from around the world trying to create accounts with automated systems". According to Facebook, its mobile advertising revenue represented approximately 91 percent of advertising revenue for the first quarter of 2018, up from approximately 85 percent of advertising revenue in the first quarter of 2017.

Knight also suggested the social network tried to prevent the press telling the truth about its business.

The report detailed how Cambridge Analytica paid a researcher to harvest millions of United States voters' Facebook data using a personality quiz app to try to target them with political advertising.

Facebook's Chief Technology Officer and Vice President of Engineering Mike Schroepfer is testifying before the British House of Commons following the data privacy scandal, surrounding Cambridge Analytica.

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