REUTERS: Facebook Inc on Wednesday blew away Wall Street profit estimates in the first quarter as it kept a lid on the costs of making its social networks safer, and set aside US$3 billion to cover a settlement with U.S. regulators, calming investors who had worried about the outcome of a months-long federal probe.Advertisement
If the settlement is in that range, it would be the largest civil penalty paid to the agency, said David Vladeck, a former FTC official now at Georgetown Law School. Total first-quarter revenue rose 26 percent to US$15.1 billion from US$12.0 billion last year, compared to analysts' average estimate of US$15.0 billion.
Total expenses in the first quarter were US$11.8 billion, up 80 percent compared with a year ago. The operating margin fell to 22 percent from 46 percent a year ago, but would have been 42 percent without the one-time expense.
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