Oh, the wonders of Silicon Valley.
Facebook said on Wednesday that it expects to face a fine of up to $5 billion from the Federal Trade Commission for allegedly violating a 2011 privacy consent decree. The New York Times reports that the total would be a record penalty for a technology company by the agency. But at the end of the day, it doesn't seem like the social media company will lose much sleep over the amount.
Facebook disclosed the fine in its quarterly financial results, estimating that it would take a one-time charge of $3 billion to $5 billion from the FTC. But even when accounting for the hit, CNBC reports Facebook still exceeded revenue expectations — the company took in $15.08 billion for the quarter and met its target for daily active user growth.
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As much criticism as CEO Mark Zuckerberg and the company have faced recently for playing fast and loose with user data, the ultimate insignificance is a sobering reminder of just how much of a giant Facebook really is. Tim O'Donnell
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