What you need to know in advertising today

Facebook handily beat analysts’ expectations on both the top and bottom line for its first quarter of 2018 sending its stock jumping.

The social network’s quarterly revenues grew 49% year-on-year to $US11.9 billion, showing that advertisers seemed largely undeterred by the Cambridge Analytica scandal.

The results are some much-needed good news for the California company, which has been in damage control mode for weeks, fighting to contain the fallout from the Cambridge Analytica scandal and reassure users.

To read more about Facebook’s latest quarter, click here.

In related news:

Facebook is launching a huge advertising blitz promising it will fix all its scandals. The social network is promising to crack down on fake news, clickbait, and other issues that have plagued its platform recently.

Mark Zuckerberg revealed one of his ‘great regrets’ – and the timing doesn’t seem like an accident. Zuckerberg said he regrets not having a bigger impact on “the way that mobile platforms developed” in the last decade.

Facebook tried to sell video as its next big thing – but viewership is already declining. Facebook users are watching fewer videos on the service, company officials reported Wednesday.

Facebook execs are shrugging off concerns about the EU’s tough privacy law – but that could be a mistake. The EU’s tough new data law, GDPR, comes into effect on May 25.

In other news:

Snapchat’s betting its future on augmented reality ads – here are all the different types. Take a look at the various types of AR ads that can be created on the platform.

Digg, once a major rival to Reddit, has sold to ad tech company BuySellAds.com.The acquisition comes a month after Digg shut down its popular RSS reader, Digg Reader.

Snapchat is going to start testing six-second nonskippable ads on shows in its Discover section, Digiday reports. The company is calling the format commercials.

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