Tech

Despite scandals, Facebook is still raking in cash and users

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It’s no secret that 2018 has been quite a rocky year for Facebook, after controversies over the Cambridge Analytica data privacy scandal and, most recently, its handling of fake news on the platform. But, despite these troubling issues, the company’s bottom line hasn’t been affected — it made $12 billion during the last quarter alone. And today, Facebook reported a total revenue of $13.23 billion in Q2 2018, a 42 percent year-over-year increase. Meanwhile, daily and monthly active user numbers are still growing, though they didn’t jump by much compared to Q1 2018. Monthly users are now at 2.23 billion, only up 1.54 percent from the last quarter.

While both daily and monthly active users did have an 11 percent year-over-year growth during Q2 2018, Facebook would likely prefer that 1.54 quarterly increase to be much higher — it was 3.14 percent in Q1 of this year. It’s unclear if this dip came as a result of the many scandals Facebook’s been dealing with, but it’s safe to say those aren’t helping its reputation among people all across the world.

Still, Facebook continues to make a ton of money every quarter, so it shouldn’t come as a surprise that the latest one wasn’t any different. Facebook attributes a big chunk of this to mobile, which it says represented 91 percent of its $13 billion advertising revenue and had an 87 percent increase compared to the second quarter of 2017. If you had any doubt mobile was the future for companies like Facebook, think again.

Embattled CEO Mark Zuckerberg hosting a conference call at 2PM PT/5PM ET to talk more about today’s results, and we’ll be updating with this post with any new information that may come from it.

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