Facebook s sales, users jump as pandemic habits persist
Naomi Nix, Bloomberg News
âFacebook Inc.âs first-quarter sales rose 48 per cent, surging past analystsâ estimates thanks to strong demand from retailers and other advertisers seeking to grab attention from the social networkâs billions of users.
Revenue climbed to US$26.2 billion, the company said Wednesday in a statement. That dwarfed the US$23.7 billion average estimate of analysts, according to data compiled by Bloomberg. Facebook reported 2.85 billion monthly active users, a rise of 10 per cent. Analysts projected 2.83 billion. Shares jumped more than 6 per cent in late trading.
Menlo Park, California-based Facebook, which also owns Instagram and WhatsApp, has seen a surge in use of its platforms for at-home entertainment and keeping up with loved ones while people have been stuck in lockdown. Larger advertisers have shifted more of their marketing budgets to social media sites, while small businesses
Facebook Q1 Profit, Revenues Trounce Street View As Ad Revenues Surge; Shares Up 5%
WASHINGTON (dpa-AFX) - Shares of Facebook Inc. (FB) are gaining over 5% in extended trading session on Wednesday after the social networking giant s first-quarter profit nearly doubled driven by strong ad revenue growth. Both earnings and revenues for the quarter trounced Wall Street analysts estimates.
Menlo Park, California-based Facebook s first-quarter profit surged 94% to $9.50 billion or $3.30 per share from $4.90 billion or $1.71 per share last year. On average, 38 analysts polled by Thomson Reuters estimated earnings of $2.37 per share for the quarter.
Revenues for the quarter surged 48 percent to $26.17 billion from $17.74 billion last year. Analysts had a consensus revenue estimate of $23.67 billion for the quarter.
Facebook s sales, users jump as pandemic habits persist
Naomi Nix, Bloomberg News
âFacebook Inc.âs first-quarter sales rose 48 per cent, surging past analystsâ estimates thanks to strong demand from retailers and other advertisers seeking to grab attention from the social networkâs billions of users.
Revenue climbed to US$26.2 billion, the company said Wednesday in a statement. That dwarfed the US$23.7 billion average estimate of analysts, according to data compiled by Bloomberg. Facebook reported 2.85 billion monthly active users, a rise of 10 per cent. Analysts projected 2.83 billion. Shares jumped more than 6 per cent in late trading.
Menlo Park, California-based Facebook, which also owns Instagram and WhatsApp, has seen a surge in use of its platforms for at-home entertainment and keeping up with loved ones while people have been stuck in lockdown. Larger advertisers have shifted more of their marketing budgets to social media sites, while small businesses
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