It might’ve seemed like Facebook got away lightly in the wake of the Cambridge Analytica scandal, with no long-term effects after the initial wave of bad publicity. However, the company expects it will soon have to pay the price for its lapses: a sum between $3 billion and $5 billion.
Facebook has just released its results for the first quarter of 2019, with a bleak prediction for shareholders.
“In the first quarter of 2019, we reasonably estimated a probable loss and recorded an accrual of $3.0 billion in connection with the inquiry of the [Federal Trade Commission] into our platform and user data practices, which accrual is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet,” the company said.
