Facebook jumps after reporting first-quarter earnings.
Facebook stock rose nearly 5% in after hours trading despite the company announcing that it could take a one-time charge of as much $5 billion due to an ongoing Federal Trade Commission inquiry. div >div.
group >p:first-child">The company exceeded revenue expectations and matched estimates for its daily active user growth. Here's what Facebook reported: The company's earnings per share analyst expectations are not comparable due to the anticipated FTC charge. The company said it counts 2.7 billion monthly users across the its family of apps, which is unchanged compared to last quarter. Facebook saw its user base in Europe grow to 286 million daily active users, up from 282 million last quarter. The company's user base in the U.S. and Canada remained flat quarter-to-quarter at 186 million. "We had a good quarter and our business and community continue to grow," said CEO Mark Zuckerberg in a statement."We are focused on building out our privacy-focused vision for the future of social networking, and working collaboratively to address important issues around the internet." The FTC has been probing Facebook since March 2018 following reports that political consulting firm Cambridge Analytica had improperly access the data of 87 million Facebook users. To date, the FTC biggest fine against a tech company was in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. "We estimate that the range of loss in this matter is $3.0 billion to $5.0 billion," Facebook said in a statement."The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome."The company is undergoing a major transition from News Feed ads as it grows ad revenue from its newer Stories products. Already, Facebook-owned Instagram claims to have 500 million daily Stories users. In a March memo, CEO Mark Zuckerberg wrote that the future of the company will be"private, encrypted services." The company is working to integrate the messaging functions of WhatsApp, Messenger and Instagram, and Zuckerberg said he expects"Messenger and WhatsApp to become the main ways people communicate on the Facebook network." Investors will be looking for signs it can shift its business to focus more on privacy while continuing to grow revenue and users.This is a breaking news story. Please check back for updates.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Baby T-Rex on sale for $3 million on eBay sparks outrageThe remains were found in a marsh in Hell Creek Formation in Montana in 2013, according to its owner.
Read more »
Former KKR Executive Alexander Navab Aims to Raise $3 Billion for New Buyout FirmAlexander Navab, a former senior executive at KKR, is launching a buyout firm that will focus on midsize-to-large transactions, seeking to take advantage of an area of the market where he sees less competition.
Read more »
Chicago and Miami are among 5 cities getting a $15 million boost from JPMorgan ChaseEach of the winners gets a $3 million prize to help deal with local challenges.
Read more »
Here is the most expensive and fastest production car in existenceCNBC's Robert Frank reports from the New York International Auto Show about a new $3 million hypercar.
Read more »
SEC fines Prosper Funding $3 million for overstating net returns to investorsThe Securities and Exchange Commission on Friday said Silicon Valley-based Prosp...
Read more »
Baby T-Rex fossil listed for sale on eBay for $3 millionThe eBay listing, last updated on Tuesday, claims the artifact is 'most likely the only baby T-rex in the world,' adding that the specimen has a 15-foot-long body, 21-inch skull and serrated teeth.
Read more »
How The Bidens Earned More Than $3 Million While They Were In The White HouseThe Bidens made over $3 million while Joe Biden served as vice president.
Read more »
How The Bidens Earned More Than $3 Million While They Were In The White HouseThe Bidens made over $3 million while Joe Biden served as vice president. Here's how:
Read more »
Facebook takes $3B charge for FTC investigation in 1QSAN FRANCISCO (AP) — Facebook is taking a $3 billion charge as a contingency against a possible fine by the Federal Trade Commission. The agency has been investigating Facebook, but has not...
Read more »
Facebook takes $3B charge for FTC investigation in 1QFacebook says a $3 billion charge related to its investigation by the Federal Trade Commission slashed its net income in the first quarter of the year, even as it grew revenue by 25%
Read more »