Apr 24, 2019

Facebook sets aside $3bn for privacy probe

Facebook has said it will set aside $3bn to cover the potential costs of an investigation by US authorities into its privacy practices. The social media giant also said sales for the first three months of the year leapt 26% to $15.08bn, narrowly beating market expectations. While it has provided for a heavy toll from the investigation by the US Federal Trade Commission, the final cost could be $5bn, it said. That rise takes the number of users to 2.38 billion. The shares are up by nearly 40% in the year to date, far outperforming the broader market, and were up nearly 5% in late trading on Wall Street.

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