Facebook sets aside $5 billion to cover anticipated official U.S. privacy penalties
The U.S. Federal Trade Commission has been investigating revelations that Facebook inappropriately shared information belonging to 87 million of its users with the now-defunct British political consulting firm Cambridge Analytica.
"Everyone expected there would be a substantial civil penalty in this case," said Vladeck."There's no question that Facebook is going to have to settle this matter. Investors want this behind them."Excluding the $3 billion it set aside, Facebook would have earned $1.89 a share, up from $1.69 the year prior and easily beating analysts' average estimate of $1.63 per share, according to IBES data from Refinitiv.
The company's shares lost a third of their value last year, after executives first warned about costs associated with its drive to improve safety and slowing growth in revenue and operating margin.
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