Facebook’s Stock Defies Gravity Despite Looming $5 Billion FTC Probe

By CCN: Facebook’s stock ran up 7.5% in after-hours trading to $196 after Q1 earnings painted a seemingly rosy growth picture. Revenue exploded by $3.1 billion to $15.08 billion, which exceeded estimates. Facebook CEO Mark Zuckerberg, however, revealed that the FTC’s investigation into the company for privacy problems will be painful on the expense line, saying: “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 FTC into our platform and user data practices, which…

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