Facebook Expects to Lose $3 Billion to $5 Billion Over FTC Privacy Probe
Facebook expects to lose between $3 billion and $5 billion as a result of the FTC’s investigation of the Cambridge Analytica scandal and data privacy practices, said Wednesday’s Q1 report, signaling a potential record fine for the agency. “The matter…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome." The report includes a $3 billion legal expense “accrued in the first quarter of 2019 related to the ongoing” FTC probe. The tech platform reported $2.4 billion profit for the quarter, down 51 percent from the year-ago quarter. The company didn’t comment.