Photo: Thomas Trutschel/Photothek via Getty Images

Facebook's stock was up nearly 4% in after-hours trading Wednesday after the company beat investor expectations for earnings, user growth and revenue.

Yes, but: The positive earnings were accompanied by several pieces of bad news.

  • Facebook announced that the Federal Trade Commission told it in June that the agency had opened an antitrust investigation into the company. 
  • It also will set aside $2 billion, on top of $3 billion set aside last quarter, to pay a historic $5 billion fine that the FTC officially levied on the company today.

By the numbers, via CNBC:

  • Earnings: $1.99 cents per share vs. $1.88 per share, forecast by Refinitiv
  • Revenue: $16.9 billion, vs. $16.5 billion, forecast by Refinitiv
  • Daily active users: 1.59 billion, vs. 1.59 billion forecast by FactSet
  • Monthly active users: 2.41 billion, vs. 2.41 billion forecast by FactSet
  • Average revenue per user: $7.05 vs. $6.87 forecast by FactSet

The big picture: Facebook reported earnings just hours after the company announced it had settled a $5 billion fine with the Federal Trade Commission over allegations that it "repeatedly used deceptive disclosures and settings to undermine users’ privacy preferences."

  • The company had previously written down the minimum amount expected from the fine — $3 billion — and will write down the rest of the fine during this quarter's financial period.
  • Facebook also said that as of today, it had settled an ongoing investigation by the Securities and Exchange Commission for $100 million.

Between the lines: Shortly before earnings, Facebook posted a clip of Mark Zuckerberg addressing Facebook employees at an internal town hall meeting this morning, where he said that the fine represents "a new chapter for the company" and said that "We are going to change they way we operate throughout the whole company."

Go deeper: Facebook settles with FTC regulators over privacy

Go deeper

Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,739,537 — Total deaths: 751,910— Total recoveries: 12,895,242Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,242,184 — Total deaths: 166,971 — Total recoveries: 1,755,225 — Total tests: 64,612,034Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.