image credit: Pixabay

Facebook expects to be fined up to $5 billion for privacy breaches

April 25, 2019

Via: TechRadar

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.

Read More on TechRadar