REUTERS: Facebook Inc beat analysts' estimates for quarterly revenue on Wednesday, aided by growth in its Instagram business and a surge in advertising sales, while also setting aside up to US$5 billion to cover anticipated official U.S. privacy penalties.
Costs jumped 80.5 percent to US$11.76 billion, as the company ramped up spending to improve content and security across its platforms. But excluding items including the potential FTC penalty, the company earned US$1.89 per share, better than analysts' expectations of US$1.63 per share.The FTC has been investigating revelations that Facebook inappropriately shared information belonging to 87 million of its users with the now-defunct British political consulting firm Cambridge Analytica.
Source: News Formal (newsformal.com)
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