Abu Dhabi, UAEWednesday 12 August 2020

Facebook stock jumps after solid third-quarter results

Profits up 19 per cent compared to same period last year

Facebook announces its third quarter results. Bloomberg
Facebook announces its third quarter results. Bloomberg

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

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