Facebook look set to be hit with a hefty fine for security and privacy scandals

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Facebook’s financial success continues in the face of countless security and privacy scandals, including a potential record-setting Federal Trade Commission fine.

The social media giant is bracing for a massive fine from federal regulators after a year of data privacy scandals.

Facebook said Wednesday that it expects an ongoing investigation from the Federal Trade Commission could result in fines ranging from $3 billion to $5 billion.

“In the first quarter of 2019, we reasonably estimated a probable loss and recorded an accrual of $3.0 billion in connection with the inquiry of the FTC into our platform and user data practices,” the company said in its earnings release.

The company posted first-quarter earnings on Wednesday for 2019 which highlighted a 26% increase in year over year sales, up to $15.1 billion, and increases on monthly and daily users.

The earnings release also revealed that Facebook reached 1.56 billion daily active users in March.

Facebook ended March with 2.38 billion monthly active users and combined with their other apps, they have 2.7 billion users every month.

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