Despite regulatory headwinds, Facebook continues to grow: The social networking giant revealed better-than-expected Q3 earnings Wednesday, and detailed continued user growth for both its core app and services like Instagram and Whatsapp. Investors rewarded the company by sending its stock up 2% in after-hours trading.
“We had a good quarter and our community and business continue to grow,” said Facebook CEO Mark Zuckerberg in a statement. “We are focused on making progress on major social issues and building new experiences that improve people’s lives around the world.”
Facebook generated revenue of $17.7 billion during its most recent fiscal quarter, compared to $13.7 billion during the same quarter a year ago. The company’s net income for the quarter was $6 billion, compared to $5.2 billion a year ago. This translates to earnings of $2.12 per share.
Analysts had expected earnings of $1.91 per share on revenue of $17.3 billion.
Facebook’s daily active users were 1.62 billion on average for September 2019, compared to 1.5 billion a year ago. Monthly actives increased to 2.45 billion, up from 2.27 billion in Q3 of 2018. The company said that 2.2B people use one its services every day, with 2.8 billion people using Facebook, WhatsApp, Instagram, or Messenger every month.
Facebook only began to report this “family of apps” data point more recently as a way to show continued momentum as growth for its core app plateaus; in Q2, daily actives across its apps were 2.1 billion, and monthly actives were 2.7 billion, respectively.
Developing.
Popular on Variety
Source: Read Full Article