Facebook expecting FTC fine of up to $5B over privacy concerns
27 April, 2019, 02:48 | Author: Frank Williams
Facebook'sprivacyscandals have led the company to estimate it'll pay between $3 billion to $5 billion in fines as the US Federal Trade Commission probes the company for privacy violations. Facebookreported revenue of $15.08 billion in the first quarter, beating the $14.98 billion forecasted by Wall Street analysts according to Refinitiv. This equals earnings per share of $0.85. Facebook set aside $3 billion to cover anticipated costs associated with the settlement, but said the charges could reach as high as $5 billion. While Facebook estimated a settlement would range between $3 billion and $5 billion, it cautioned "there can be no assurance as to the timing or the terms of any final outcome".
The problems started past year after news leaked that Cambridge Analytica, a political data firm that harvested data from up to 87 million Facebook users to influence the 2016 USA presidential election.
Investors have generally shrugged off issues surrounding data use, regulatory hurdles or political pressure when evaluating Facebook, focusing instead on its robust financials.
Shares rose in after-hours trading.
The social networking site and the FTC have been negotiating over the fines amount for months.
The one-time charge slashed Facebook's first-quarter profit considerably, although revenue grew by 26 per cent in the period.
But the expectation of an FTC fine may portend future trouble, warned the eMarketer analyst Debra Aho Williamson. However, the Company still managed to earn $2.429 billion in profit, which is quite lower than the profit generated in the last quarter, or even a year ago.
The shares are up by almost 40% in the year to date, far outperforming the broader market, and were up almost 5% in late trading on Wall Street. Last March, the United States regulator confirmed it was investigatingFacebook over the Cambridge Analytica privacy scandal, which exposed the personal data of 87 million people to a political consultancy hired by Donald Trump's presidential campaign.
Ireland's Data Protection Commission said Thursday it's trying to determine if Facebook violated European rules by how it stored hundreds of millions of user passwords on internal servers.
While we're not thespians ourselves, we can imagine that doing a sex scene - regardless how old you are - is an awkward affair. You weren't the only one surprised by that scene between Arya Stark and Gendry on Game of Thrones .
In five games in round one, Wagner noticeably struggled, with zero points, a minus-2 rating, and just five shots on goal. Toronto could have gone up 3-1 in Game 4 on home ice, but were sluggish before a late rally in a 6-4 loss.
The previous record holder was Ledley King, who scored after 9.82 seconds during Tottenham's win over Bradford City in 2000. But after scoring his second goal of the season against Liverpool recently, he now has three in four matches.
And Tuesday night's clash between top four-chasing Tottenham Hotspur and survival-seeking Brighton & Hove Albion was no different. I think I have been very lucky so far with the amount of injuries that I have had and the amount of games that I have missed.
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Check your immunity to measles Measles is a very infectious viral illness that spreads easily from person to person. Although only 5 states are now experiencing outbreaks, 22 states have reported confirmed cases of measles in 2019.
Espinal's response was, "He is terrified of you". "I love and support my family above anything", Hill wrote in press release. When you get the facts, then you make a decision about how it fits into our personal conduct policy.
Brady said, however, that May must provide more clarity about her departure and provide "a clear roadmap forward". It would mean a fresh challenge not taking place until the end of 2019, unless the rules are changed.
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