The daily business briefing: April 25, 2019

Facebook stock jumps despite looming $5 billion fine, Deutsche Bank starts turning over Trump loan documents, and more

The Facebook logo in California
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1. Facebook shares surge despite looming $5 billion fine

Facebook shares jumped by nearly 5 percent in after-hours trading Wednesday after the social media giant reported quarterly revenue that beat expectations, and daily active user growth that equaled estimates. The stock's surge came despite a warning that the company would take up to a $5 billion hit from a Federal Trade Commission investigation fine over reports that political consulting firm Cambridge Analytica had improperly accessed the private information of 87 million Facebook users. "We had a good quarter and our business and community continue to grow," CEO Mark Zuckerberg said. "We are focused on building out our privacy-focused vision for the future of social networking, and working collaboratively to address important issues around the internet."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.