Facebook has reported revenue growth of more than $3 billion (€2.69bn) on Q1 2018. The social network giant said its revenue for the first three months of the year was $15 billion, up from $11.9 billion in the same period last year.

Facebook also reported a daily active user increase of 8 per cent on this time last year, with 1.56 billion people using Facebook on a daily basis.

However, in a sign of the growing scrutiny on the platform from governments in the wake of a series of data privacy scandals, Facebook said it had put aside $3 billion to cover potential fines issued by the US Federal Trade Commission’s (FTC) ongoing inquiry into the company.

Commenting on the earnings report, eMarketer Principal Analyst Debra Aho Williamson said: “We are not surprised by Facebook’s solid performance in revenue and user growth. Advertisers continue to be stuck on Facebook, despite its many challenges. What they care most about is its vast user base and its targeting capabilities, and both are continuing to provide strong performance for them. And while marketers may say privately that they do worry about Facebook’s problems with fake news, election meddling, privacy and more, they worry more about their own financial health, and Facebook is still a major partner in that regard.”

“However, advertisers should take note of Facebook’s revelation that it set aside $3 billion in the quarter to deal with the FTC investigation of its platform. This is a significant development, and any settlement with the FTC may impact the ways advertisers can use the platform in the future.”

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