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Facebook quarterly revenue beats expectations

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Facebook quarterly revenue beats expectations
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(Reuters) – Facebook Inc beat market expectations for quarterly revenue on Wednesday, powered by higher ad spending by businesses during a pandemic-induced surge in online traffic.

Shares of Facebook rose 6.6% in trading after the bell.

Total revenue, which primarily consists of ad sales, rose to $26.17 billion in the first quarter ended March 31, beating analysts’ average estimate of $23.67 billion, according to IBES data from Refinitiv.

Facebook’s monthly active users rose 10% to 2.85 billion, matching analyst expectations.

Net income for the fourth quarter came in at $9.5 billion, or $3.30 per share, compared with $4.9 billion, or $1.71 per share, a year earlier. Analysts had expected a profit of $2.37 per share.   

(Reporting by Noor Zainab Hussain, Sheila Dang and Elizabeth Culliford; Editing by Arun Koyyur and Matthew Lewis)

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