Facebook beats Q2 expectations, says FTC has opened an antitrust investigation
Facebook (FB) on Wednesday announced its Q2 2019 earnings, beating analysts' expectations on the top line. Importantly, in its earnings release Facebook disclosed that the FTC has opened an antitrust investigation into the company.
Here are the most important numbers from Facebook's Q2 2019 earnings report and consensus estimates compiled by Bloomberg:
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Revenue: $16.9 billion versus $16.5 billion expected
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EPS: $1.99 versus $1.88 expected
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Daily active users: 1.59 billion versus 1.57 billion expected
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Monthly active users: 2.41 billion versus 2.42 billion expected
Facebook's shares are up in after-hours trading.
The report comes after the Federal Trade Commission levied a $5 billion fine against the social media giant related to the Cambridge Analytica Scandal.
The company put aside $3 billion for the fine in Q1 2019, but had to set aside an additional $2 billion following the FTC’s announcement of the settlement.
“We are investing in building stronger privacy protections for everyone and on delivering new experiences for the people who use our services,” CEO Mark Zuckerberg said.
The newly revealed FTC investigation is separate from the $5 billion privacy settlement.
Facebook is the target of a number of investigations across the world including in the European Union, which is expected to wrap up its inquiry this year.
The company is also likely to be the target of government regulation into user privacy and data collection, though whether Congress is able to pass such legislation before the year is out is still up in the air.
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