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Facebook Revenue Jumps As U.S. Privacy Penalty Looms

Credit: Wochit
Published on April 24, 2019 - Duration: 00:41s

Facebook Revenue Jumps As U.S. Privacy Penalty Looms

According to Reuters, Facebook beat analysts’ estimates for quarterly revenue on Wednesday, aided by growth in its Instagram business and a surge in advertising sales, The company also raised the top end of its provision for losses related to Federal Trade Commission privacy concerns from $3 billion to between $3 billion and $5 billion.

The FTC has been investigating revelations that Facebook inappropriately shared information belonging to 87 million of its users with the now-defunct British political consulting firm Cambridge Analytica.

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