Facebook quarterly profit, revenue beat estimates

Facebook quarterly profit, revenue beat estimates

Facebook Inc’s quarterly profit and revenue beat analysts’ estimates on Wednesday, as the social media company’s mobile ad business grew on a major push to add more video content.

Shares of the company, which have fallen 9.5 per cent this year, were up 2.2 per cent at US$163.18 after the bell.

Facebook said monthly active users in the first quarter rose to 2.2 billion, up 13 per cent from a year earlier.

Analysts on average had expected monthly active users of 2.2 billion, according to TheNewsEditorial I/B/E/S.

Net income attributable to Facebook shareholders rose to US$4.99 billion, or US$1.69 per share, from US$3.06 billion, or US$1.04 per share, a year earlier.

Analysts on average were expecting a profit of US$1.35 per share.

Total revenue rose 49 per cent to US$11.97 billion, above the analyst estimate of US$11.41 billion.

 

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