5 years ago
Facebook anticipates an FTC privacy fine of up to $5 billion
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 FTC has been looking into whether Facebook broke its own 2011 agreement promising to protect user privacy.
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