On the day that Facebook settled with the Federal Trade Commission for $5 billion for privacy breaches, Facebook a winning quarter, reporting some $16.9 billion in revenues, up 8% from the year-ago quarter.
“We had a strong quarter, and our business and community continue to grow,” said Facebook CEO Mark Zuckerberg. “We are investing in building stronger privacy protections for everyone and on delivering new experiences for the people who use our services.”
In the earnings announcement, Facebook attributed $2 billion as its first FTC payment and another $1.1 billion for settling a recent court case.
Facebook said the FTC settlement requires the $5-billion penalty and to “significantly enhance our practices and processes for privacy compliance and oversight.”
The case with the FTC is the outgrowth of many security breaches that Facebook has apologized for over the last two years.
In addition, Facebook said it will add in greater board of directors oversight, “stringent operational requirements and reporting obligations.”
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In the earnings announcement, Facebook said some 2.1 billion people now use its network daily, via the Facebook, Instagram, WhatsApp and Messenger apps. The daily active user number for Facebook itself is 1.59 billion.
“This company has repeatedly shown that it can grow both its ad revenue and its user base, even in the face of enormous challenges,” said eMarketer analyst Debra Aho Williamson:”
Advertisers, she noted, “remain dedicated to Facebook despite its problems. However, they are also paying more attention than ever to those problems. They love Facebook for its massive reach and its precise targeting capabilities. But they are growing increasingly concerned that the two things they love will start to go away. “
In the earnings announcement, Facebook added that the Department of Justice just “announced that it will begin an antitrust review of market-leading online platforms.”
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