Facebook Is Preparing For What Could Be A Record-Breaking FTC Fine

Facebook is still battling an ongoing investigation by the Federal Trade Commission, which it says could impose a fine of up to $5 billion.

The FTC is investigating Facebook for potential privacy violations after the social media company shared data with outside developers without users' permission. The investigation started after a developer sold information to Cambridge Analytica.

It's still unclear how much the company might have to pay, but Facebook estimates a settlement could land anywhere between $3 billion and $5 billion. 

In a report on its latest quarterly earnings, the company said it has $3 billion set aside for that purpose. It also said sales rose to $15.1 billion, exceeding a predicted $14.97 billion. 

In the report, Facebook CEO Mark Zuckerberg said, "We are focused on building out our privacy-focused vision for the future of social networking, and working collaboratively to address important issues around the internet."

In March, Facebook announced plans to turn itself into a privacy-focused platform. It also said it wants to give users the ability to send messages securely between all of its platforms.