Facebook (NASDAQ: FB) reported third-quarter 2020 financial results after the closing bell on Thursday. The social media giant reported a 22% spike in Q3 revenue to $21.47 billion, which was well above the Wall Street consensus. Net earnings of $2.71 per share also surpassed the street consensus by a wide margin.
FB shares gained 2% immediately following the announcement. The stock has gained 34% since the beginning of this year.
“We expect our fourth quarter 2020 year-over-year ad revenue growth rate to be higher than our reported third quarter 2020 rate, driven by continued strong advertiser demand during the holiday season. Additionally, Oculus Quest 2 orders have been strong which should benefit Other Revenue,” the company said in a statement.
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