He insisted that political advertising represented a very small, low, single-digit percentage of Facebook's advertising revenue, and said such campaigns would soon be made available for viewing in a searchable archive.
Lawmakers used that opportunity to seek answers from Facebook not only about the Cambridge Analytica incident, but also to pose broader questions about whether the social network presents a fundamental danger to personal privacy and society at large.
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.
Facebook has reported strong financial results despite questions over its data privacy practices in the wake of the Cambridge Analytica scandal. The category includes efforts to root out fake accounts, scrub hate speech and take down violent videos. Wall Street analysts were generally expecting earnings of $1.35 per share on revenues of $11.4 billion for the quarter.
And perhaps most strikingly, users continued to grow.
Despite gains Wednesday, Facebook's stock has slid 17 percent since an all-time high in February. The next quarter of 2018 should be able to shed more light on the company's current performance, and we will know if the scandals the brand is being associated with have any impact on the company at all. That's up from 2.13 billion monthly active users and 1.4 billion daily active users in the previous quarter.
Schroepfer admitted that Facebook had not read the terms and conditions of the app, developed by academic Aleksandr Kogan's research firm Global Science Research (GSR), used to harvest its data.
Facebook and Alphabet's Google together dominate the Internet ad business worldwide.
According to Facebook's CTO, the company was not aware of Chancellor's background when he was hired in November 2015, and had only "recently" found out about his past.
Facebook also announced that its board of directors had authorized the buyback of an additional US$9 billion worth of shares, raising its repurchase plan to US$15 billion.
In February, Simon Milner, who was Facebook's United Kingdom head of policy at the time, told officials that Cambridge Analytica did not have any Facebook data. In the days immediately afterward, the company lost more than $50 billion in market value.
On a conference call, Zuckerberg nodded at the controversy, saying that the company hopes to "keep moving forward" to make its products "good for people and good for society".
A spokesperson for Tajani said "we don't have a real confirmation yet", adding the president's office is waiting for an official response to two letters asking Zuckerberg to come to Brussels.