Facebook posts a rare profit decline as it expects a looming fine from the Federal Trade Commission could be as much as $5 billion
New York Facebook is bracing for a massive fine from federal regulators after a year of data privacy scandals.
Facebook said Wednesday that it expects an ongoing investigation from the Federal Trade Commission could result in fines ranging from $3 billion to $5 billion. The company set aside $3 billion in legal expenses related to the investigation, which cut into its profit for the first three months of 2019. Facebook's profit for the quarter was $2.4 billion, a decrease of 51% from the same period a year ago. "We reasonably estimated a probable loss and recorded an accrual of $3.
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