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Wed Apr 24, 2019, 04:34 PM

Facebook sets aside $3 billion ahead of record FTC fine over privacy violations

Source: The Verge

Facebook sets aside $3 billion ahead of record FTC fine over privacy violations

Facebook is gearing up for a massive financial penalty over his repeated privacy violations

By Nick Statt Apr 24, 2019, 4:24pm EDT

The upward trajectory of Facebook’s financial performance continues unabated in the face of countless security and privacy scandals, including a potential record-setting Financial Trade Commission fine.

The company posted first-quarter earnings today for 2019, highlighting its continued monthly and daily active user increases and a 26 percent increase in year over year sales, to $15.1 billion. But Facebook also says it is setting aside $3 billion, or roughly six percent of its cash and marketable securities on hand, for the FTC fine that is coming down the pipe at some point likely later this year.

“In the first quarter of 2019, we reasonably estimated a probable loss and recorded an accrual of $3.0 billion in connection with the inquiry of the FTC into our platform and user data practices, which accrual is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet,” the company writes in its earnings statement. “We estimate that the range of loss in this matter is $3.0 billion to $5.0 billion. The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.”



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Reply Facebook sets aside $3 billion ahead of record FTC fine over privacy violations (Original post)
Eugene Apr 2019 OP
gratuitous Apr 2019 #1

Response to Eugene (Original post)

Wed Apr 24, 2019, 04:40 PM

1. Just a cost of doing business

Something to keep in mind if you're on Facebook: You are the product, and Facebook will gladly sell you to the most unscrupulous fuckers walking the planet.

Full disclosure: I'm on Facebook, and I have a unique name (as in, there's nobody else in the U.S. with my name). Facebook knows where I went to high school and college and where I live now, but that's it. I figure that's as much information as anyone could get about me without trying too hard. My political proclivities are pretty obvious, but I don't list any groups or clubs I belong to, I don't list my birth date, and I haven't given Facebook my phone number despite all the times it's asked me.

Just know that anything you tell Facebook is liable to wind up in the hands of Satan or worse, and act accordingly with your account.

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