Facebook Expects a 5 Billion Dollars fine for a privacy Scandal. Facebook expects the US market watchdog Federal Trade Commission (FTC) to impose a fine of up to dollars 5 billion (about 4.5 billion dollars) on the company.
It is apparent from the presentation of Facebook’s quarterly figures on Wednesday.
An investigation into the involvement of Facebook in the Cambridge Analytica scandal is currently ongoing.
Facebook is stated to have unlawfully shared user data with this company.
Facebook now takes into account a high fine and has therefore set aside 3 to 5 billion dollars to pay the fine,
and for other costs related to the FTC investigation, the company writes in its quarterly report.
The quarterly figures also show that Facebook booked sales of nearly 15.1 billion dollars in the initial three months of 2019,
an increase of 26 percent compared to the same period in 2018.
Facebook’s net profit in the first quarter amounted to 2.4 billion dollars, half less than the first quarter of 2018.
Earlier there were rumours that the FTC is considering imposing a record penalty due to the size of the privacy scandal.
Cambridge Analytica had admittance to the personal data of up to 87 million Facebook users via a Facebook app.