The Facebook Inc. logo is displayed on an Apple Inc. iPhone in this arranged photograph taken in the Brooklyn borough of New York, U.S., on Monday, April 22, 2019. As Facebook Inc. prepares to report first-quarter results Wednesday, analysts are confident that the social-media company has moved past negative headlines that dogged the stock throughout the second half of 2018 and is positioned to monetize its massive user base in new ways. Photographer: Gabby Jones/Bloomberg
Facebook Inc’s shares surged in late trading after the largest social-media company posted robust quarterly sales growth and signalled it may be close to resolving a US privacy investigation, easing investor concerns about the impact of regulatory threats.
First-quarter sales jumped 26% and monthly visitors at Facebook’s main site topped projections. The company also said it set aside US$3bil (RM12.40bil) in the quarter related to an inquiry by the US Federal Trade Commission. The FTC has been in discussions with Facebook over potential violations related to a 2011 consent decree in the wake of privacy missteps. Facebook estimated the loss related to any settlement could be as high as US$5bil (RM20.67bil).
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