Facebook nears deal for Zuckerberg to face European Parliament

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

Facebook's richer than ever, despite data privacy scandals

In a tense exchange between Damian Collins, head of the committee, about whether Facebook users can choose not to see ads from specific political parties or campaigns, Schroepfer said "there's no category-by-category opt-out", but that individuals could choose not to see specific ads once they've been shown them once.

Schroepfer's confession was later followed by another acknowledgement that the social media giant made a "mistake" by failing to notify U.K.'s data protection watchdog, the Information Commissioner's Office (ICO), after it learned that data was shared with Cambridge Analytica.

Mr Schroepfer promised to make political advertising far more transparent in the future but admitted that there was now no way for people to opt out of it entirely.

Facebook Chief Technology Officer Mike Schroepfer said the mistakes made by the firm hurt, and that it was cooperating with investigations by British regulators.

But there was no evidence of Cambridge Analytica managing referendum-related ads or pages, Schroepfer said, or spending money on the campaigns.

When pressed by Knight again, Schroepfer finally apologised: "I am sorry that journalists feel we are attempting to prevent the truth coming out".

Facebook has come under fire of late after it was revealed that the Global Science Research app gave data on almost 90 million Facebook users to Cambridge Analytica without those users' knowledge. The company also unveiled plans to label political ads, and who has paid for them, before May 2019.

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The allegations against Cambridge Analytica have heightened concerns over whether the data of Facebook users was then used to try and influence the outcome of the 2016 USA presidential election and the U.K.'s referendumto leave the European Union, which it denies. Those changes have also contributed to stalled growth in some places, including a slight drop in the number of United States users. "Facebook needs to really simplify and clarify the way they use and protect data and allow developers to deal directly with their audience", says Andrea D'Ottavio, the founder of Webing Ltd., an app developer.

The company's revenue was expected to grow more than 40 percent from the same period a year ago, to $11.4 billion.

"We did not read all of the terms and conditions", Schroepfer admitted. Zacks Investment Research raised Facebook from a "hold" rating to a "buy" rating and set a $198.00 price objective for the company in a report on Tuesday, January 2nd.

That comes into direct conflict with what Kogan told BuzzFeed News earlier this week.

In a statement, Zuckerberg acknowledged the company's recent image problems while figuratively laughing all the way to the bank.

"I understand, he has been getting requests from all over the world to come talk about this", Schroepfer said. "That is news to me right now".

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