Home Business Facebook beats profit estimates, sets aside $3 billion for privacy penalty

Facebook beats profit estimates, sets aside $3 billion for privacy penalty

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Facebook Inc on Wednesday blew away Wall Street profit estimates in the first quarter as it kept a lid on the costs of making its social networks safer, and set aside $3 billion to cover a settlement with U.S. regulators, calming investors who had worried about the outcome of a months-long federal probe.

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