Economy

Facebook +2% as Q3 revenues, profits blow out expectations

Facebook +2% as Q3 revenues, profits blow out expectations”

Facebook, Inc ( FB ) revealed earnings for its third quarter that gained ground compared to the same period past year.

"Our community continues to grow and our business is doing well", Zuckerberg was quoted saying in the company's earnings release.

Facebook's stock price has surged this year, driven by strong ad sales for mobile devices and continuing user growth. We're serious about preventing abuse on our platforms. We're investing so much in security that it will impact our profitability.

Analysts had expected $9.88 billion in revenue, and a net profit of $1.29 per share. This was higher than $2.62 billion, or $0.90 per share, in last year's third quarter. It made $10.1 billion in revenue over a three-month period, 49 percent more than the same quarter in 2016. The number of active monthly users on Facebook grew 16 percent to 2.07 billion. The company said that it now generates 88 percent of its advertising revenue from mobile ads, compared to 84 percent during the same quarter previous year.

If Facebook's financial performance continues to impress, it remains in the spotlight over how Russian Federation may have used the platform to interfere in the 2016 USA presidential election. The social network previously disclosed that Russia's Internet Research Agency created 80,000 posts that could have been seen by as many as 126 million people.

Facebook (FB +1.4%) is up 2% after hours following a Q3 earnings report where it beat revenue expectations by almost $500M and posted earnings per share more than 24% above consensus.



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