Facebook stock jumps after solid third-quarter results
Profits up 19 per cent compared to same period last year
Facebook is reporting solid results for the third quarter along with a steady growth in its user base, even as it faces broad regulatory threats and criticism.
Facebook on Wednesday said it earned $6.09 billion, or $2.12 a share, in the July-September quarter, up 19 per cent from $5.14bn, or $1.76 a share, in the same period a year earlier.
Revenue grew 29 per cent to $17.65bn from $13.73bn. Analysts on FactSet had expected earnings of $2.11 a share and revenue of $17.37bn.
Chief executive Mark Zuckerberg faced questioning from members of Congress last week when he testified about the company's plans for a digital cryptocurrency.
Investors sent Facebook stock up nearly 2 per cent in after-hours trading.
Updated: October 31, 2019 01:41 PM