Facebook anticipates an FTC privacy fine of up to $5 billion
Bangladesh, April 25 -- San Francisco, Apr 25 (AP/UNB) - 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 26% in the period. The FTC has been looking into whether Facebook broke its own 2011 agreement promising to protect user privacy.
Investors shrugged off the charge and sent the company's stock up more than 9% to almost $200 in after-hours trading. EMar...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.