Facebook CEO warns users, investors of more data leaks

Facebook CEO Mark Zuckerberg

Facebook (FB) reported Wednesday that it reversed its first ever decline in daily active users in the U.S. and Canada during the first three months of 2018 despite the backlash from a massive data scandal. It caused Facebook's share price to plummet and has prompted investigations around the world.

Facebook's stock was up 7 percent on the back of the report. 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.

"These are people who are financially motivated to evade the systems we have in place", he said.

In its earnings call on Wednesday, the company also addressed Europe's new General Data Protection Regulation, warning the new privacy requirements could flatten or reduce the number of active users in Europe when they go into effect May 25.

"We are unable to provide a specific time frame for when we will be reviewing apps for the platform again", Facebook replied, promising to provide more detail in the coming weeks. The numbers did most of the work.

Facebook CEO Mark Zuckerberg faced Congress for the first time last Tuesday after news broke in mid-March by the New York Times and The Guardian's Observer that Cambridge Analytica, a London-based data-mining firm best known for it's collaboration with the Donald Trump's presidential campaign, lifted data from millions of users on the social networking site without their permission. USA senators called Mark Zuckerberg to testify before Congress.

The Facebook executive said he would "respectfully disagree" with that assessment. "And we believe actions that lead to revenues speak louder than words".

"This, to us, speaks to how Facebook (and Google, for that matter) can continue to post outsized ad growth and earnings power for years to come".

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Nearly 1.45 billion users across the world visit Facebook every day.

The media may uncover foul play before Facebook does, the company also said. His firm holds about 73,000 shares in Facebook.

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

Facebook in its quarterly report shared with the US Securities and Exchange Commission (SEC), without mentioning Cambridge Analytica, said it expects to find out and announce more "instances of misuse of user data or other undesirable activity by third parties".

Schroepfer said the reason for the omission was because they "thought the matter was resolved".

Chief Financial Officer David Wehner told analysts on a call that expenses this year would grow between 50 percent and 60 percent, up from a prior range of 45 percent to 60 percent.

The company may no longer be able to build products quickly and roll them out without concern for their potential negative impact. Schroepfer said it was clear Facebook had not done enough to ensure its tools could "potentially being used for harm" or take a broad enough view of its responsibility.

Alternatively, it could be that so many people are entrenched in Facebook and its ecosystem, relying on it to stay in touch with school friends and Hugo the happy backpacker they met while finding themselves in Goa during a gap year, that they can't really leave the digital house that Zuck built.

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