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

Facebook Inc on Wednesday blew past Wall Street profit estimates in the first quarter 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.

Shares of the world's biggest online social network jumped more than 10 percent to $200.50 in after-hours trade. They have now regained much of the ground lost last year amid slowing growth and costs associated with the company's privacy scandals. The settlement accrual, which Facebook set.....

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