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Facebook expects to be fined billions by U.S. government

Facebook CEO Mark Zuckerberg
Facebook's CEO Mark Zuckerberg in May 2018. Photo: GERARD JULIEN/AFP/Getty Images

Facebook told investors it expects a Federal Trade Commission fine of up to $5 billion, driving down its GAAP earnings per share. Still, Facebook stock was up more than 4% in after-hours trading Wednesday after reporting otherwise positive first-quarter earnings.

Why it matters: Reports had suggested that the FTC could slap Facebook with a multibillion-dollar fine as a result of an ongoing investigation into Facebook's handling of data privacy. Facebook says it expects a loss of $3 to $5 billion from the debacle. The matter still unresolved.

Microsoft is winning the techlash

Illustration of balloons carrying the Microsoft logo up and away over other balloons
Illustration: Aïda Amer/Axios

The tech industry is feeling the pain of an unprecedented backlash over its business practices and broad impact on society, but original tech giant Microsoft has managed to stay mostly above the fray.

Why it matters: Microsoft, which trudged through its own antitrust battle with the Justice Department in the '90s, has sidestepped the mistakes made by its younger, brasher Big Tech brethren.