Facebook Inc said on Wednesday that the U.S. Federal Trade Commission had opened an antitrust probe into the world's largest social network in ...
REUTERS: Facebook Inc said on Wednesday that new data privacy rules and forthcoming privacy-focused product changes would slow its revenue growth and significantly raise expenses, driving down its shares in after-hours trade even as quarterly revenue topped estimates.
On Wednesday, Facebook's chief financial officer, Dave Wehner, told analysts that the FTC settlement would require"significant investment" in people and technology. He said ad revenue would be affected by new privacy laws rolling out globally, changes in privacy rules by the operating systems on which Facebook relies, and the company's tweaking its own services.
Facebook also acknowledged in a statement the U.S. Justice Department's announcement on Tuesday of an"antitrust review of market-leading online platforms." The U.S. Justice Department said on Tuesday that it would examine complaints that some"search, social media, and some retail services online" are engaging in anti-competitive practices, an apparent reference to big tech companies including Facebook.
Excluding the fine and a US$1.1 billion one-time tax expense, earnings would have been US$1.99 per share, Facebook said. Facebook has said it expects expenses and revenue growth to come back closer to even but several hurdles remain.
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