Get ready to find out if your Facebook data has been swept up in the Cambridge Analytica scandal.
Starting Monday, the 87 million users who might have had their data shared with Cambridge Analytica will get a detailed message on their news feeds. Facebook says most of the affected users (more than 70 million) are in the U.S., though there are over a million each in the Philippines, Indonesia and the U.K.
File - This Jan. 17, 2017, file photo shows a Facebook logo being displayed in a start-up companies gathering at Paris' Station F, in Paris. Facebook is on the offensive to try to contain swirling concerns about how it protects the data of its 2.2 billion members. (AP Photo/Thibault Camus, File)
In addition, all 2.2 billion Facebook users will receive a notice titled "Protecting Your Information" with a link to see what apps they use and what information they have shared with those apps. If they want, they can shut off apps individually or turn off third-party access to their apps completely.
Reeling from its worst privacy crisis in history — allegations that this Trump-affiliated data mining firm may have used ill-gotten user data to try to influence elections — Facebook is in full damage-control mode. CEO Mark Zuckerberg acknowledged that he made a "huge mistake" in failing to take a broad enough view of what Facebook's responsibility is in the world. He's set to testify before Congress next week.
FILE- In this March 29, 2018, file photo, the logo for Facebook appears on screens at the Nasdaq MarketSite in New York's Times Square. Facebook will begin alerting users whose private data may have been compromised in the Cambridge Analytica scandal starting Monday, April 9.(AP Photo/Richard Drew, File)
Cambridge Analytica whistleblower Christopher Wylie previously estimated that more than 50 million people were compromised by a personality quiz that collected data from users and their friends. In an interview aired Sunday on NBC's "Meet the Press," Wylie said the true number could be even larger than 87 million.
That Facebook app, called "This is Your Digital Life," was a personality quiz created in 2014 by an academic researcher named Aleksander Kogan, who paid about 270,000 people to take it. The app vacuumed up not just the data of the people who took it, but also — thanks to Facebook's loose restrictions — data from their friends, too, including details that they hadn't intended to share publicly.
Facebook later limited the data apps can access, but it was too late in this case.
Zuckerberg said Facebook came up with the 87 million figure by calculating the maximum number of friends that users could have had while Kogan's app was collecting data. The company doesn't have logs going back that far, he said, so it can't know exactly how many people may have been affected.
Cambridge Analytica said in a statement Wednesday that it had data for only 30 million Facebook users.
Facebook and Instagram parent company Meta said Wednesday its first-quarter profit more than doubled, boosted by higher advertising revenue and a 6% increase on the average price of ads on its platforms. But its shares dropped sharply in after-hours trading following lukewarm revenue guidance.
Meta Platforms Inc. earned $12.37 billion, or $4.71 per share, in the January-March period. That's up from $5.71 billion, or $2.20 per share, in the same period a year earlier.
Revenue rose 27% to $36.46 billion from $28.65 billion.
Analysts, on average, were expecting earnings of $4.32 per share on revenue of $36.14 billion, according to a poll by FactSet.
For the current quarter, the Menlo Park, California-based company said it expects revenue between $36.5 billion and $39 billion. Analysts are expecting revenue of $38.25 billion for the second quarter, which is higher than the midpoint of Meta's guidance range.
Meta also said it expects its 2024 capital expenses to be higher than anticipated due to its investments in artificial intelligence. It is forecasting expenses in the range of $35 billion to $40 billion, up from its earlier guidance of $30 billion to $37 billion.
The company has been investing heavily in AI and earlier this month unveiled a new set of artificial intelligence systems that are powering what CEO Mark Zuckerberg calls “the most intelligent AI assistant that you can freely use.”
Meta, along with leading AI developers Google and OpenAI, and startups such as Anthropic, Cohere and France’s Mistral, have been churning out new AI language models and hoping to persuade customers they’ve got the smartest, handiest or most efficient chatbots.
“Meta’s earnings should serve as a stark warning for companies reporting this earnings season," said Thomas Monteiro, senior analyst at Investing.com “Even though the company did beat estimates in all top- and bottom-line metrics, it didn’t matter as much as the reported lowering revenue expectations for Q2. This is the exact opposite of what Tesla did yesterday and goes to show that investors are currently looking at the near future with heavy mistrust.”
On Tuesday, electric vehicle maker Tesla reported that its first-quarter net income plummeted 55%. But it said it would accelerate production of new, more affordable vehicles, and on Wednesday its stock rose 12%.
The number of people using Meta's apps, meanwhile, continued to increase, with 3.24 billion users on average for March in its “family of apps” that includes Facebook, Instagram, WhatsApp and Messenger. That's up 7% year-over-year. Beginning this quarter, the company will no longer disclose user figures for Facebook.
Meta had 69,329 workers as of March 31, a decrease of 10% year-over-year. Zuckerberg called 2023 the “year of efficiency" and the company laid off thousands to reduce expenses.
Meta's shares fell 16% in after-hours trading. Meta's stock price has more than doubled over the past year thanks to a rebound in online advertising.
FILE - A Meta Portal Go is displayed during a preview of the Meta Store in Burlingame, Calif., on May 4, 2022. Meta reports earnings on Wednesday, April 24, 2024. (AP Photo/Eric Risberg, File)
