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Privacy Fine Facebook said it expects a fine of up to $5 billion from the Federal Trade Commission, which is investigating whether the social network violated its users' privacy. The company set aside $3 billion in itsquarterly earnings reportWednesday aFacebook and User Privacy: FTC Fine of up to $5 Billion
Privacy Fine Facebook said it expects a fine of up to $5 billion from the Federal Trade Commission, which is investigating whether the social network violated its users' privacy. The company set aside $3 billion in itsquarterly earnings reportWednesday as a contingency against the possible penalty but noted that the «matter remains unresolved.» The one-time charge slashed Facebook's first-quarter net income considerably, although revenue grew by 25% in the period. The FTC has been looking into whether Facebook broke its own 2011 agreement promising to protect user privacy. Investors shrugged off the charge and sent the company's stock up nearly 5% to $190.89 in after-hours trad...Keep on reading: Facebook and User Privacy: FTC Fine of up to $5 Billion Read more