Facebook is preparing for a record-setting fine from U.S. regulators over privacy issues, but Wall Street shrugged at the looming penalty after the company added users and beat profit expectations for the first quarter.
The Federal Trade Commission, under pressure to keep closer tabs on big tech companies such as Google and Facebook, said it would create a task force to monitor the sector and investigate anticompetitive conduct.
Facebook has been ordered to curb data collection practices in Germany after a ruling on Thursday that the world’s largest social network abused its market dominance to gather information about users without consent.
Facebook Inc Chief Executive Mark Zuckerberg is planning to unify the underlying messaging infrastructure of the WhatsApp, Instagram and Facebook Messenger services and incorporate end-to-end encryption into these apps.
Amazon is among eight tech firms named in a complaint filed in Austria by non-profit organisation Noyb, which cited their failure to comply with the European Union's General Data Protection Regulation (GDPR).
Facebook Inc on Tuesday relieved investors by forecasting that margins would stop shrinking after 2019 as costs from scandals ease up, sending shares up despite a second-straight quarter with record-low user growth.