- Facebook Profit Jumps 79% in 3Q
Facebook Inc announced a 79 percent jump in its profit in the third quarter of the year.
The social media giant reported $4.9 billion profit in the quarter, up from $2.6 billion recorded in the third quarter of 2016.
The better than expected profit was attributed to increased revenue from online ads in the third quarter.
However, Facebook shares fell immediately after the report was released as the tech giant announced its 2018 expenses would surge by 45 percent to 60 percent or faster than expected sales.
The high trading share fell 2 percent from $185 to $179 after the company made public its initial 2018 expense forecast.
Mark Zuckerberg, CEO of Facebook, used the opportunity to reiterate Facebook commitment to curbing manipulation and fake news.
“We’re serious about preventing abuse on our platforms,” he said.
Here’s the key data:
- EPS: $1.59 per share, more than the $1.28 a share expected.
- Revenue: $10.3 billion, up 47 percent and more than $9.84 billion expected
- MAUs: 2.07 billion versus 2.06 billion expected