TIME: Facebook Is Preparing for a Multi-Billion Dollar Fine From the FTC

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Facebook Is Preparing for a Multi-Billion Dollar Fine From the FTC Apr 24th 2019, 20:29, by Associated Press (SAN FRANCISCO) — 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 announced any findings yet. The one-time charge slashes Facebook’s first-quarter net income considerably, although revenue grew by 25% in the period. The FTC has been looking into whether Facebook is in violation of a 2011 agreement promising to protect user privacy. The social network said Wednesday that its net income was 85 cents per share in the January-March period. Revenue grew 26 % to $15.08 billion from a year earlier. Excluding the charge, it earned $1.89 per share. Analysts polled by FactSet expected earnings of $1.62 per share and revenue of $14.98 billion. Facebook’s monthly user base grew 8% to 2.38 billion. Media files: The Facebook login screen is seen in this photo illustration on March 13, 2019 in Warsaw, Poland

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