Facebook (NASDAQ: FB) reported fourth-quarter 2020 financial results after the regular market hours on Wednesday. The social media giant reported fourth-quarter revenue of $28.07 billion, up 33% year-over-year and above the Wall Street projection. Net income of $3.88 per share was also higher than what analysts had anticipated.
FB shares fell 1.5% immediately following the announcement. The stock has gained 25% in the trailing twelve months.
In a statement, Facebook said it expects 2021 capital expenditures to be in the range of $21-23 billion, driven by data centers, servers, network infrastructure, and office facilities.
“We expect 2021 total expenses to be in the range of $68-73 billion, unchanged from our prior outlook. This is driven by investments in technical and product talent as well as continued growth in infrastructure costs,” CFO David Wehner added.
