Social media behemoth Facebook, Inc. (NASDAQ: FB) on Monday said its third-quarter revenues and earnings increased sharply, aided by strong demand from advertisers. Earnings also topped expectations. The stock made strong gains in extended trading immediately after the announcement.
Revenues jumped 35% to $29.0 billion in the third quarter, with most of it coming from the core advertising segment. Analysts had forecast a faster growth. The top-line benefited from a 6% increase in daily active users. At the end of the quarter, the company had 2.91 billion monthly active users.
Reflecting the strong revenue growth, net profit climbed to $9.19 billion or $3.22 per share from $7.84 billion or $2.71 per share in the third quarter of 2020. Earnings also exceeded the market’s projection.
Facebook’s stock has grown 22% since the beginning of 2021. It closed Monday’s trading higher and gained further in the after-hours session following the earnings release.
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