Facebook stock rises after company reports profits, earnings up
Social network has been plagued by privacy scandals, but still exceeded Wall Street expectations
Facebook reports earnings and revenue handily surpassed Wall Street expectations for the final quarter of 2018 despite heavy spending on safety and security.
The social network has been plagued by privacy scandals and the threat of regulation. That, however, hasn't stopped it from increasing profits and its user base.
It now has 2.32 billion monthly users, up nine per cent from a year earlier, also inching past analyst expectations.
Facebook said Wednesday that it earned $6.9 billion US, or $2.38 per share, in the October-December period. That's up 61 per cent from $4.3 billion, or $1.44 per share, a year earlier.
Analysts polled by FactSet had expected $2.18 per share.
Revenue increased 30 per cent to $16.9 billion, beating expectations of $16.4 billion.
Facebook's stock is up nearly 7 per cent after-hours as a result.