Investors take $5B Facebook settlement in stride

0
118
Facebook

WASHINGTON (AP) – Facebook is doing just fine on Wall Street, despite being slapped with a record $5 billion fine for its mishandling of personal information.

The company’s stock had slipped by less than 1% to $201.51 in Wednesday’s midday trading, a few hours after the Federal Trade Commission announced the settlement. The FTC investigation was triggered by revelations that the data mining firm Cambridge Analytica had harvested information on as many as 87 million Facebook users.

- Advertisement -

Investors are taking the news in stride because the settlement won’t change Facebook’s lucrative ad system, which is expected to bring in most of the company’s projected $69 billion in revenue this year. Facebook is due to release quarterly results later Wednesday.

Facebook’s market value is now hovering around $575 billion. That’s roughly $40 billion higher than when news of the Cambridge scandal broke 16 months ago, making the FTC fine much easier to swallow.

Previous articleAlexander Neef to become Paris Opera director in 2021-22
Next articleBeethoven behind bars: Peru rehabilitates inmates with music
mm
Meteorologist Justin Roth weather forecasts can be seen weekend evenings on ABC 36 at 6:30 PM at 11 PM. Justin will also forecast the weather at 10 PM (MyKY 36.2) three days a week. Justin comes to WTVQ from the NBC affiliate in Casper, WY and interned in Knoxville, TN all where he gained the understandings of forecasting mountainous terrains and rapidly changing environments. His forecasts are for YOUR day and making YOUR life just a bit easier. Justin was born and raised in Saint Louis, Missouri, and holds a Bachelor of Science degree in Meteorology from Western Illinois University with Minors in Broadcasting and Mathematics. His interest in weather began at a young age when his parents gave him a book, ‘First Field Guide To Weather’ for his Birthday, ever since then weather has been a passion of his from forecasting to chasing tornadoes. When not forecasting the weather, Justin enjoys exploring new places and anything outdoors. He’s a self-proclaimed history buff and loves rooting for favorite sport teams, The St. Louis Cardinals and Blues. Please feel free to share any outdoor picture you’d like to share with him send them his way at JRoth@wtvq.com And be sure to follow him: Twitter - @JustinRothWx Instagram - @JustinRothWx