Facebook Anticipates FTC Fine Between $3 Billion and $5 Billion
Associated legal expenses reduced operating margin, increased effective tax rate and lowered earnings for Q1 2019.
Last week, social media network Facebook (NASDAQ: FB) reported its first quarter results for 2019. Included in that report was Facebook’s expected fine from the Federal Trade Commission ranging between $3 billion and $5 billion due to the FTC’s inquiry into the company’s “platform and user data practices.” Facebook has been in negotiations with the FTC for months with the FTC claiming the social media platform violating a 2011 decree from the FTC to change its business practices. The FTC is also investigating the Cambridge Analytica data breach revealed early last year.
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