Facebook Inc is preparing for a record-setting fine from US regulators over privacy issues, but Wall Street shrugged at the looming penalty after the company added users and trounced profit expectations for the first quarter. That included a US Federal Trade Commission (FTC) investigation into whether Facebook violated a 2011 agreement over user privacy. Some companies pulled their ads off the social network and users tweeted #DeleteFacebook as they shut down their accounts. The company has said its Instagram app now has more than a billion users, versus Facebook's 2.38 billion. The FTC might require Facebook to collect less of the user data that it needs to target advertisements, for example.

Source: The Star April 26, 2019 04:18 UTC