Facebook didn't read terms and conditions for app behind Cambridge Analytica

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Facebook revealed its first-quarter earnings earlier today.

On Thursday, Facebook's chief technology officer Mike Schroepfer faced the Commons digital culture, media and sport committee's fake-news inquiry in London after UK MPs had been unsuccessful in repeatedly calling on Mark Zuckerberg to answer questions about the company.

Under the new policies, those seeking to run political adverts will be required to complete an authorisation process.

Only verified accounts will be allowed to pay for political ads, and users will be able to view all promotions paid for by a campaign - not just those targeted to them based on their demographic or "likes".

"What happened with Cambridge Analytica represents a breach of trust, and we are deeply sorry", he said.

"We require that people have a terms and conditions, and we have an automated check to make sure they're there", Schroepfer said. CNBC earlier reported on his comments.

It came after former University of Cambridge researcher Aleksandr Kogan, the man who developed the app used to harvest the data, went before the DCMS Committee on Tuesday. It's widely thought that USA president Donald Trump successfully capitalised on Facebook's ad systems, and the way it prioritises provocative content.

"It was accurate because we didn't think Cambridge Analytica had data and we had not given them data", Schroepfer said.

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Facebook misled British lawmakers about what it knew about the data shared with Cambridge Analytica, a British lawmaker said Thursday.

The cost have been driven by the investments made by the company in artificial intelligence as well as security, which is a category that has staff for moderation of content, said CFO David Wehner, who said the company is spending more money on that (security) than had been anticipated.

It's something we're working very hard on.

Facebook CEO Mark Zuckerberg has promised to make changes to user safety and data privacy since then. It will vet and label those ads in time for local elections in May 2019, Schroepfer said.

Facebook stock was up more than 7 percent in after-hours trading following earnings.

Facebook has been accused of being a "morality-free zone" that bullies journalists and threatens academics, as one of its executives appeared in front of MPs.

Schroepfer declined to give much detail, citing ongoing investigations by Britain's information commissioner and Electoral Commission, despite repeated reassurances by committee chair Collins that it was legally safe for him to do so.

Labour MP Paul Farrelly said Facebook's actions had reminded him of a book written by Rolling Stone political writer Matt Taibbi about how the investment bank Goldman Sachs operated like a "vampire squid" ahead of the financial crisis. Those changes have also contributed to stalled growth in some places, including a slight drop in the number of USA users.

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