NATIONAL NEWS

Facebook Takes $3B Charge For FTC Investigation In 1Q

Apr 24, 2019, 2:25 PM | Updated: Jun 8, 2022, 5:10 pm
In this photo illustration the Social networking site Facebook is displayed on a laptop screen. (Photo by Dan Kitwood/Getty Images)
(Photo by Dan Kitwood/Getty Images)
SAN FRANCISCO (AP) — Facebook is taking a $3 billion charge as a contingency against a possible fine by the Federal Trade Commission. The agency has been investigating Facebook, but has not announced any findings yet.

The one-time charge slashes Facebook’s first-quarter net income considerably, although revenue grew by 25% in the period. The FTC has been looking into whether Facebook is in violation of a 2011 agreement promising to protect user privacy.

The social network said Wednesday that its net income was 85 cents per share in the January-March period. Revenue grew 26 % to $15.08 billion from a year earlier. Excluding the charge, it earned $1.89 per share.

Analysts polled by FactSet expected earnings of $1.62 per share and revenue of $14.98 billion.

Facebook’s monthly user base grew 8% to 2.38 billion.

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Facebook Takes $3B Charge For FTC Investigation In 1Q