On Wednesday, Facebook posted their profits for 2018. Many people expected Facebook’s profits to lower from the previous year, but it turns out that Facebook made record high profits in 2018. They made $6.9 billion in profits, which is a 61% increase from 2017.
Facebook having record-breaking profit in 2018 was very unexpected. Last year was a terrible year for Facebook. In February 2018, a scandal occurred, where an analytics company called ”Cambridge Analytica” was found to have accessed the data of millions of users. The data was used to aid Donald Trump in the 2016 election. Facebook’s CEO, Mark Zuckerburg, was accused of letting his happen. This scandal ruined Facebook’s reputation and forced the company into making drastic changes.
In July 2018, Facebook’s stocks sank by 20% in a single day after the company announced that user growth will be slowing down. This caused Zuckerburg’s net worth to go down by nearly $16 billion.
Despite Facebook being involved in many controversies and scandals, Facebook has continued to grow.