Facebook 3Q Results Fly Past Expectations

Facebook 3Q Results Fly Past Expectations
BREITBART NEWS

(AP) Facebook 3Q results fly past expectations
NEW YORK
Facebook’s stock is soaring after the company reported a 60 percent revenue increase in the third quarter, surpassing Wall Street’s expectations.

The world’s largest social network said Wednesday that it earned $425 million, or 17 cents per share. That’s up from a loss of $59 million, or 2 cents per share, in the same period a year ago.

The company’s stock jumped $6.14, or 12.5 percent, to $55.15 in after-hours trading.

Adjusted earnings were $621 million, or 25 cents per share. That’s 6 cents better than analysts expected.

Revenue grew 60 percent to $2.02 billion from $1.26 billion.

Analysts, on average, had expected revenue of $1.91 billion, according to FactSet.

Facebook’s advertising revenue was $1.8 billion, up 66 percent from a year ago.

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