Facebook Anticipates an FTC Privacy Fine of Up to $5 Billion

The one-time charge slashed Facebook's first-quarter net income considerably, although revenue grew by 25% in the period.

  • Published 24 April 2019
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SAN FRANCISCO (AP) — Facebook said it expects a fine of up to $5 billion from the Federal Trade Commission, which is investigating whether the social network violated its users' privacy. The company set aside $3 billion in its quarterly earnings report Wednesday as a contingency against the possible penalty but noted that the "matter remains unresolved." The one-time charge slashed Facebook's first-quarter net income considerably, although revenue grew by 25% in the period. The… Read at AP News