"We didn't take a broad enough view of our responsibility, and that was a mistake".
It has been almost two years since Facebook shares rose 7 per cent or more during a trading day. The highest in the same period past year was 1.04 dollars.
He admitted that the company had not known until recently that a current Facebook employee had been the business partner of Aleksandr Kogan, the Cambridge academic who designed the app that harvested user data on behalf of Cambridge Analytica.
Facebook showed at least initial resilience on Wednesday when it released its financial results from the first quarter, a period when the social network was criticized for the way it handles information about its users. Facebook's number of daily users has gone up to 1.45 billion, which is 13% higher than the previous year. Its 27,742 employees represent a 48 percent increase compared to the year before. The operating margin is up to 46% from 41% a year ago.
Trouble just doesn't seem to tide over for Facebook in India.
The ICO has been running a full investigation into Facebook and its data misuse around political advertising.
Sheryl Sandberg, Facebook's COO, played down concerns about the impact of the data crisis on the company's core advertising business.
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Cohen asked a judge to delay the civil case after his office and residence were raided by the Federal Bureau of Investigation . Agents also seized communications with his lawyer, Brent Blakely , about the civil case, Cohen said .
The company also said it has approved a plan to boost its share buyback program by $9 billion. "And that will be very valuable for businesses". Another poll by Axios and SurveyMonkey found that Facebook's favourability fell 28 points in the past five months - more than twice as much as that of rivals Amazon and Google.
Facebook has been surrounded in controversy over the way it treats users' data since reports of the scandal first emerged in March.
But the changes the company announced early this year have had much more time to play out. Knight asked if Facebook was "perverting the course of justice". Executives did not directly answer the question.
Tighter regulation could make Facebook's ads less lucrative by reducing the kinds of data it can use to personalize and target ads to users, although Facebook's size means it could also be well positioned to cope with regulations. Since that time, the part of the revenue from mobile was growing.
On a conference call, Mark said that the company is investing "heavily" on safety and security, including workers with language skills for detecting hate speech, and tools for verifying government IDs ahead of elections in the US and overseas by the end of the year.
Facebook's chief operating officer Sheryl Sandberg reiterated that a handful of advertisers had paused their spending but the company hadn't witnessed a major trend.
The new privacy laws or GDPR, allow the consumer to more easily opt out of sharing their own data and impose stiffer penalties for breaches of data. "And what's most important in winning budgets is relative performance in the industry".