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Facebook sets aside $3 billion ahead of record FTC fine over privacy violations [View all]
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.”
Developing...
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.”
Developing...
https://www.theverge.com/2019/4/24/18514805/facebook-q1-2019-earnings-ftc-record-fine-privacy-violations-3-billion
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