Facebook expected expenses of $ 3 - 5 billion in its on-going case with the Federal Trade Commission over privateness violations , the company announced on Wednesday in its fiscal salary report .
The amercement is a record for the FTC and correspond at most a third of quarterly net income for the Silicon Valley giant who brought in approximately $ 15 billion in revenue the first quarter of 2019 .
“ The matter remains unresolved and there can be no pledge as to the timing or the term of any last outcome , ” the company ’s financial results said .
Photo: Drew Angerer (Getty)
The company is under FTC probe for allegedly violate a 2011 privacy “ consent decree ” requiring Facebook to apprise users and the FTC and to incur consent from users before sharing data beyond seclusion configurations . In 2018 , it was reported that Facebook allowed an app developer working with Cambridge Analytica to download data on millions of information , as well as newsworthiness of a data breach touch over 50 million masses . Last March , theWashington Postreported that Facebook ’s penalties could add up to “ trillions of dollars ” if the agreement were enforce to its maximal extent .
Facebook ’s cut-rate sale impinge on $ 15.1 billion , slightly topping foretelling as the web develop to 1.56 billion users per day and rose eight percent to 2.38 billion users per month .
The company ’s costs rose 80.5 percentage to $ 11.76 billion , a rise reflecting investing in content , security and AI across platforms .
Wall Street reacted by pushing Facebook ’s Malcolm stock up nearly six percent .
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Cambridge Analytica
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