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“Despite repeated promises to its billions of users worldwide that they could control how their personal information is shared, Facebook undermined consumers’ choices,” said FTC Chairman Joe Simons. “The magnitude of the $5 billion penalty and sweeping conduct relief are unprecedented in the history of the FTC. The relief is designed not only to punish future violations but, more importantly, to change Facebook’s entire privacy culture to decrease the likelihood of continued violations. The Commission takes consumer privacy seriously, and will enforce FTC orders to the fullest extent of the law.”
Facebook’s latest profits show FTC fine is a blip
The social network said its second-quarter revenue, which is driven by advertising, grew by 28 percent to $16.9 billion, beating analysts’ estimates of $16.49 billion. Net profit fell 49 percent from the same period a year earlier to $2.6 billion, dragged down by the FTC penalty.