FIRST AIRED: April 25, 2019

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COMING UP:Share Opener Variant 4

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Transcript

00:00:00
what's the cost for Facebook's massive data privacy breach that's rob the company in the past year Facebook thinks it could be as much as five billion dollars it shared that estimate in its earnings report on Wednesday saying that it set aside billions of dollars to cover possible penalties coming from the Federal Trade Commission in what could be the agency's biggest fine ever against a tech company the FTC has been investigating Facebook after it came to light that the social media giant inappropriately shared information of eighty seven million users with the now defunct political consulting firm Cambridge analytica despite being played with that and criticism over misinformation on its platform Facebook posted a twenty six percent jump in revenue thanks to strong growth in its photo sharing app Instagram beating Wall Street estimates but protecting privacy and cleaning up Facebook is taking a toll had counted the social media company jumped thirty six percent over the year to over thirty seven thousand as it hires more people to police the site and costs jumped over eighty percent as well still investors were pleased and the stock jumped as much as five percent in after hours trading the shares are up nearly forty percent so far this year CEO mark Zuckerberg also took the earnings report as an opportunity to emphasize again that Facebook is focused on building a platform that takes privacy seriously a strategy he laid out in detail last month in a blog post titled a privacy focused vision for social networking