Facebook Inc. set aside $3 billion for an expected fine from the Federal Trade Commission over privacy violations, cutting into the social-media giant’s profit even as its underlying business remained strong. Facebook posted $15.08 billion in revenue, up 26% from $11.97 billion in the year-earlier period. Its profit dropped by more than half, to $2.43 billion in the first quarter, as the one-time reserve wiped out most of its income.

Source: Wall Street Journal April 24, 2019 20:19 UTC