BREAKING: Facebook expects to be hit with $3-5 billion fine by the FTC, as it beats Wall Street's revenue expectations for Q1
Facebook has set aside $3 billion in anticipation of an expected multi-billion dollar fine from US regulators.
"In the first quarter of 2019, we recorded an accrual of $3 billion in connection with the ongoing inquiry of the FTC," a Facebook spokesperson said in a statement."This matter remains unresolved, and we estimate that the associated range of loss is between $3 billion and $5 billion."Facebook's stock rose 5% in after-hours trading on the news.
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