New York (CNN Business) Hours after Facebook agreed to pay a record $5 billion fine as part of a settlement with the Federal Trade Commission, the company once again showed that its business model of collecting data and targeting ads to users is working as well as ever.

Facebook on Wednesday reported $16.89 billion in revenue for the three months ending in June, a 28% increase from the same period a year ago, thanks to its dominant position as one of the few platforms in the world where advertisers can reach more than a billion users.

The social network's audience continues to grow too. It hit 2.41 billion monthly active users in the quarter, up from 2.38 billion in the quarter prior.

"This company has repeatedly shown that it can grow both its ad revenue and its user base, even in the face of enormous challenges," Debra Aho Williamson, principal analyst at eMarketer, said in a statement after the report. "Today's earnings release demonstrates that it still has that power.

After more than a year of damning headlines and federal scrutiny, Facebook settled with the FTC for massive sum and agreed to a number of additional oversights to its privacy policies. And yet, even some of the agency's commissioners admit the agreement " does little " to change Facebook's business model.

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