The U.S. Federal Trade Commission 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.
"Everyone expected there would be a substantial civil penalty in this case," said Vladeck."There's no question that Facebook is going to have to settle this matter. Investors want this behind them."Excluding the $3 billion it set aside, Facebook would have earned $1.89 a share, up from $1.69 the year prior and easily beating analysts' average estimate of $1.63 per share, according to IBES data from Refinitiv.
The company's shares lost a third of their value last year, after executives first warned about costs associated with its drive to improve safety and slowing growth in revenue and operating margin.
What is a 5 billion fine? Just part of the cost of doing business.
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