Facebook Expect to Be Fined Billions by FTC #CambridgeAnalytica

Facebook Inc. shares jumped in late trading Wednesday, even as the company said it expects to pay a multibillion-dollar fine to the Federal Trade Commission. The company set aside $3 billion in legal expenses related to the investigation, which cut into its profit for the first three months of 2019. Facebook’s profit for the quarter was $2.4 billion, a decrease of 51% from the same period a year ago. The company said it counts 2.7 billion monthly users across the its family of apps, which is unchanged compared to last quarter. Facebook saw its user base in Europe grow to 286 million daily active users, up from 282 million last quarter. The company‚Äôs user base in the U.S. and Canada remained flat quarter-to-quarter at 186 million.

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