Facebook says the FTC is officially investigating it over antitrust concerns

In its earnings report on Wednesday, Facebook formally annoucned that is under investigation by the Federal Trade Commission (FTC) over antitrust concerns.

In June, it had been reported that the FTC was preparing a potential probe, but the earnings report confirms that the investigation is formally under way.

The probe is in addition to the broader investigation into Big Tech that the Department of Justice (DOJ) had announced on Tuesday.

In its earnings report on Wednesday, Facebook formally annoucned that is under investigation by the Federal Trade Commission (FTC) over antitrust concerns.

In June, it had been reported that the FTC was preparing a potential probe, but the earnings report confirms that the investigation is formally under way. This is in addition to the broader investigation into Big Tech that the Department of Justice (DOJ) had announced on Tuesday.

The FTC did not immediately respond to Business Insider's request for comment.

Earlier this summer, the groundwork was reportedly laid by the FTC and DOJ — the two departments with oversight over antitrust investigations — over which departments would carry out any possible probe into tech's largest companies. It was reportedly decided then that the FTC would have jurisdiction over Facebook and Amazon, while the DOJ would be potentially responsible for any potential probe into Apple and Google.

This news suggests that those earlier reports were correct, though Facebook is the first of these Big Tech companies to acknowledge that is individually being investigated for antitrust matters.

In its second quarter earnings for 2019, the social media giant announced better-than-expected financial results, though the performance was coupled with confirmation of the antitrust investigation. Facebook's stock initially spiked 5% in after-hours trading, but have now settled to around 1% up as of writing.

This story is developing...