Meta spent $9.89 billion on child safety lawsuit settlement — The Verge

In the United States, Meta spent $9.89 billion on part of a settlement in a lawsuit brought by U.S. attorneys general over child safety. The Verge reports that without these expenses, the company’s operating profit in the third quarter would have been $22.89 billion.

Settlement terms

In August, Meta agreed to pay $17.1 billion to settle a large nationwide lawsuit. The lawsuit alleged that the company harmed children because its social platforms were designed to be addictive.

Under the agreement, Meta is required to pay only $5.3 billion of that amount if YouTube and TikTok introduce stricter settings and child protection mechanisms. Meta’s total quarterly expenses, including the settlement amount, reached $51.61 billion.

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Meta’s financial results

Despite expenses related to legal cases, Meta reported revenue of $64.60 billion, up 26% from the same period a year earlier. Meta CEO Mark Zuckerberg said that the company had reached important milestones in its work on personal superintelligence for everyone.

On the same day, a court in the state of New Mexico ordered Meta to pay $25 billion in the Cambridge Analytica scandal case.