Facebook on Wednesday reported a sharp jump in profits in the past quarter, with gains in its user base and strong ad growth as the social network appeared to see no impact from a controversy over privacy. Profit in the first quarter of 2018 leapt 63 percent from a year ago to $5 billion, and total revenues increased 49 percent to $11.97 billion, Facebook said in an earnings update which topped most analyst forecasts.
Facebook chief executive Mark Zuckerberg, who has spent most of the past month on the fallout from the revelations on the hijacking of personal data by a political firm, sought to reassure investors about the company's future despite the privacy row which has sparked investigations on both sides of the Atlantic.
"Despite facing important challenges, our community and business are off to a strong start in 2018," Zuckerberg said.
"We are taking a broader view of our responsibility and investing to make sure our services are used for good. But we also need to keep building new tools to help people connect, strengthen our communities, and bring the world closer together."
Facebook shares climbed more than 6.9 percent to $170.75 in after-hours trades that followed release of the earnings figures. The report showed the number of people using Facebook monthly rose 13 percent from last year to 2.2 billion as of the end of March, despite concerns that users would abandon the network following the misuse of data by Cambridge Analytica.
Facebook also announced Wednesday that its board of directors had authorized the buyback of an additional $9 billion worth of shares, raising its repurchase plan to $15 billion.