Facebook discloses antitrust probe; revenue beats estimates

 Facebook discloses antitrust probe; revenue beats estimates

(Reuters) - Facebook Inc said on Wednesday that the U.S. Federal Trade Commission had opened an antitrust probe into the world's largest social network in June, adding to regulatory pressure even as it beat analysts' estimates for quarterly revenue.

Monthly active users rose 8% to 2.41 billion in the second quarter, in line with estimates of 2.41 billion, according to IBES data from Refinitiv. Total revenue rose to $16.9 billion, beating analysts' average estimate of $16.51 billion.

Facebook will pay a record-breaking $5 billion fine to resolve a government probe into its privacy practices and will restructure its approach to privacy, the Federal Trade Commission said earlier on Wednesday.

(Reporting by Akanksha Rana in Bengaluru and Paresh Dave in San Francisco; Editing by Sriraj Kalluvila)

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Updated Date: Jul 25, 2019 02:08:31 IST