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COMING UP:Share Opener Variant 4

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Transcript

00:00:00
Facebook maybe paying the biggest Federal Trade Commission fined ever of five billion dollars but on Wednesday it's still beat Wall Street estimates on second quarter earnings and monthly active users rose another eight percent to two point four one billion but Facebook is not out of the woods just yet the company disclosed in its earnings report Wednesday that the FTC told it last month it was opening a separate investigation for anti trust issues Reuters Paresh debate we don't know what sort of a fact that's gonna have on Facebook's business or even if they're gonna be found of any wrongdoing or if there's any any allegations that come out of that but what we do know is that Facebook said on Wednesday that %HESITATION the changes that it's having to make to its business because of the settlement on privacy with the FTC as well as other changes it's making to its operations because of the heightened scrutiny on its privacy issues are going to be costly both in terms of a big head %HESITATION it to its revenue potentially and a %HESITATION a significant increase in expenses well the FTC is faced criticism that the five billion dollar fine was only a slap on the wrist for the world's largest social media network with billions of dollars of profits each year the FTC chairman defended the decision would have been nice to get more to get ten billion instead of five billion for example to get greater restrictions on how Facebook collects uses and shares data to the extent people object to our settlement because it does not have terms like these , we did not have those options the only real world choice here was to take a historic settlement that provides immediate and important protection to American consumers or wait for years to get far less relief in addition to the fine the settlement requires Facebook's board to create an independent privacy committee that prevents CEO mark Zuckerberg from having unfettered control over decisions affecting user privacy soccer Berg addressed the issue on Wednesday at a company town hall vowing to do better according to video Facebook shared with the media said a number of times in the past that I believe that companies should be held accountable %HESITATION on privacy , and this is what accountability looks like , and I believe this is going to help us serve our community better by making sure that the work that we do is up to the standards that everyone expects from us