Facebook fines mean nothing to them…

[IceDigger]

Who still uses Facebook?

Apparently everybody the way the revenue keeps coming in for them.

Even after all the fines and whatnot they are still pulling in record profits.

Lemmings I tell you!

“For the three months to June 30:

• Revenues of $16.6bn were up 28 per cent from the year-ago quarter.
• Net income was $2.6bn, a 49 per cent decrease on the quarter. This is largely due to a $2bn wedge Facebook coughed up, in addition to the $3bn already set aside, to foot the $5bn settlement fee owed to Uncle Sam’s trade regulator, the FTC, regarding its privacy snafus, and a separate $1.1bn charge related to recent changes [PDF] in stock compensation rules. Facebook also owes America’s financial watchdog $100m for misleading investors.
• Earnings per share of $0.91 were short of the $1.88 analyst forecast, but Facebook notes that absent the tax and settlement charges, EPS would have been $1.99.
• Daily active users were up 8 per cent, with 1.59 billion people using the antisocial network on a day-to-day basis. Monthly active users were also up 8 per cent, at 2.41 billion.” – The Register

There is no such thing as privacy anymore and the people just don’t care. Madness I tell you!

 

[Peter_Brosdahl]

There is no such thing as privacy anymore and the people just don’t care. Madness I tell you!

Too true. So many people obsessed about getting more views than not. I think at this point the fines will amount to nothing other than a regular frequency of revenue enforcement much like monthly police speed traps. I try to avoid political polarities but I do find it ironic, and even a little hypocritical, that some agencies are so concerned about publicizing these privacy issues while others are doing everything they can to have their own back doors.

 

[Grimlakin]

What I think is really interesting here is a company like Facebook is fined 5 BILLION dollars for a privacy breach. Where a Credit reporting firm who holds arguably MORE sensitive data, AND had a LARGER breach of that sensitive data was fined just over 600 million. A drop in the ****ing bucket. I could give TWO ****S if the Russians saw that I search for hot models with big knockers. I care about my credit history, Credit card information, personal identification information (historical) all being sold off to fraudsters who know have the BEST information to try and scare someone into paying up fees to avoid lawsuits that don't exist.

Yea lets all focus on facebook and not the fact that Equifax skirted paying **** less than 2 dollars per MANDATORY CUSTOMER that had their information stolen. Equifax should have been fined hundreds of billions of dollars. But their lobbyists bought them a pass and a slap on the hand.

 

[Dogsofjune]

I deleted mine. Wasn't worth it

 

[Zarathustra]

For fines to ever mean anything to corporations they need to be equal to or larger than the revenues earned from the behavior resulting in the fine.

Otherwise it is just a cost of doing business.

We see this time and time again across industries.

Illegal activity earns company $8B. Fined $400k. What would you do?