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BREAKING NEWS

BREAKING NEWS

Facebook hits 2.27 billion monthly active users as earnings stabilize

Facebook CEO Zuckerberg testifies before a U.S. Senate joint hearing on Cap
Facebook CEO Mark Zuckerberg listens while testifying before a joint Senate Judiciary and Commerce Committees hearing regarding the company's use and protection of user data, on Capitol Hill on April 10, 2018. -
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Leah Millis Reuters file
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Facebook avoided a repeat of its disastrous second quarter on Tuesday, reporting that the company's social network now serves 2.27 billion monthly users.

The company announced that it generated revenue of $13.7 billion in the third quarter of the year, slightly below what Wall Street analysts expected — but good enough to avoid another stock price plunge.

Mark Zuckerberg, Facebook's chief executive officer, said in a press release that the company's suite of services — Facebook, Instagram, Messenger and WhatsApp — now serve more than 2 billion people every day.

"We're building the best services for private messaging and stories, and there are huge opportunities ahead in video and commerce as well," Zuckerberg said.

Facebook generated $5.1 billion in profit this quarter.

While the days of its meteoric growth in the U.S. are over, Facebook said it added users in the Asia-Pacific region and in other parts of the world, more than offsetting a slight dip in European users.

In after-hours trading, Facebook stock dipped sharply in the minutes after announcing its earnings but recovered to add about 1.7 percent as of 4:24 p.m. ET.

In July, Facebook shares plunged more than 20 percent after the company warned that it would be less profitable in the years ahead.

Facebook has also endured a series of issues including ongoing concerns about foreign influence campaigns ahead of the 2018 U.S. midterm elections and a security breach that revealed the personal information of more than 14 million users.