Facebook on Wednesday reported quarterly profit sank 51 percent from a year earlier due to setting aside of $3 billion for an anticipated fine from US regulators.
The leading social network logged a profit of $2.4 billion on revenue that climbed 26 percent to $15.1 billion in the first three months of this year.
The number of monthly active users of Facebook at the end of March was 2.38 billion, up eight percent from a year ago.
Facebook estimated that it will be hit with a fine of between $3 billion to $5 billion by the US Federal Trade Commission for “user data practices” and factored that into its earnings report.
“The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome,” the California-based company said in the release.
Facebook quarterly profit would have topped Wall Street forecasts if not for the money put…
Source: News Agency of Nigeria
