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Facebook Q3 revenue tops earnings forecast to hit $17.6 bln

Facebook Q3 revenue tops earnings forecast to hit $17.6 bln

Facebook Inc. announced Wednesday a big jump in its total revenue for the third quarter, with a 29 percent increase year-on-year to hit 17.65 billion U.S. dollars.

The quarterly revenue beat Wall Street expectations of 17.35 billion dollars and rose sharply from about 13.73 billion dollars recorded in the same period last year.

Advertising sales took the lion’s share of the quarterly earnings by yielding about 17.38 billion dollars, up 28 percent year-on-year, accounting for 98 percent of the total revenue.

The company’s mobile advertising revenue represented approximately 94 percent of advertising revenue for the third quarter of 2019.

Facebook’s stock is up 4.46 percent in after-hours trading.

Facebook said its net income grew 19 percent year-on-year to reach 6.09 billion dollars for the July-September period, with diluted earnings per share (EPS) standing at 2.12 dollars, up 20 percent from the corresponding quarter of last year.

The Menlo Park, California-based U.S. social media giant, said it had cash and cash equivalents of 52.27 billion dollars by the end of September.

Facebook reported continued growth in daily active users and monthly active users, which rose to 1.62 billion and 2.45 billion, respectively.

On average, about 2.2 billion people are using Facebook and its other services of the “Facebook Family,” such as Instagram, WhatsApp, or Messenger, and about 2.8 billion people use at least one of Facebook Family services each month, according to the top U.S. social networking firm.

“We had a good quarter and our community and business continue to grow,” said Facebook CEO Mark Zuckerberg.

source: UNB