'Another Good Quarter': Facebook Beats Quarterly Earnings Expectations | NECN

'Another Good Quarter': Facebook Beats Quarterly Earnings Expectations

For the first time, more than 1 billion users were active on their phones every month

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    NEWSLETTERS

    When advertising on Facebook, people can target certain audiences. But when creating an ad, they can also exclude certain users, based on what the social media giant calls "ethnic affinity." Ian Cull reports. (Published Saturday, Oct. 29, 2016)

    Facebook reported quarterly earnings and revenue Wednesday that beat analyst expectations, as it added more users than Wall Street expected, CNBC reported.

    The social media giant posted adjusted earnings of $1.09 per share on revenue of $7.01 billion. Analysts had expected earnings of 97 cents per share, adjusted, on $6.92 billion, according to a Thomson Reuters consensus estimate.

    "We had another good quarter," Chief Executive Officer Mark Zuckerberg said in a release. "We're making progress putting video first across our apps and executing our 10 year technology roadmap."

    Monthly active users rose to 1.79 billion, above the more than 1.75 billion expected. For the first time, more than 1 billion users were active on their phones every month.

    But even so, shares of the stock fell more than 1 percent after hours.