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Put aside costs, Facebook's profit drops to 34,000 billion rupees

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Put aside costs, Facebook's profit drops to 34,000 billion rupees

Put aside costs, Facebook's profit drops to 34,000 billion rupees

In the first quarter of this year, Facebook posted a profit of $ 2.43 billion, or about 34 trillion rupees, down from the first quarter of 2018. This decrease is partly due paid to the US government reaching $ 3 billion or about 42,000 billion rupees.

Despite a significant decline from the first quarter of 2018, which reached 4.99 billion US dollars, earnings outperformed the expectations of investors and analysts.

As a result, Facebook shares climbed above 10%, before closing at 0.65%.

The US Trade Commission is currently investigating whether Facebook has proven that it shares information from 87 million users to meet the needs of Cambridge Analytica's policy consulting firm, which is now inoperative.


The investigation focused on whether data sharing and other disputes violated the Trade Commission's 2011 agreement on the protection of users' privacy. Facebook has set aside $ 3 billion to cover the expected settlement costs, but these could reach $ 5 billion.

Former FTC officer David Vladeck said it would be the heaviest civil penalty imposed on the Trade Commission if the cost of settlement was as estimated.

"Everyone hopes there will be substantial civil penalties in this case," Reuters quoted Vladeck as saying on Thursday (25/4).

Facebook earnings per share were recorded at 0.85 USD. In addition to compensation costs, Facebook actually posted a profit of 1.89 USD per share, up from 1.69 USD the previous year.

First quarter total revenue increased 26 percent to $ 14.9 billion from $ 12 billion last year.

This figure is higher than the average analyst estimated at 15 billion USD.

"This is a solid report showing that advertisers are still seeing the value of the Facebook platform, as before the outbreak of controversies and scandals," said Haris Anwar, senior analyst at Investing.com.

Facebook's monthly and daily active users in the first quarter of this year recorded an increase over the previous quarter, each increasing by 8% to 2.38 billion and 1.56 billion each.
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