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Facebook Revenue Beats Estimates; Discloses Antitrust Probe

Facebook Inc beat analysts’ estimates for revenue on Wednesday, even as the world’s largest social network agreed to pay a $5 billion fine over data privacy and announced a U.S. antitrust investigation.

Shares of the company, which owns WhatsApp and Instagram, rose 6% to $214 in extended trading. They have gained about 55% this year.

Monthly active users rose 8% to 2.41 billion in the second quarter, in line with estimates of 2.41 billion, according to IBES data from Refinitiv.

Ad sales jumped 27.5% to $16.62 billion (13.31 billion pounds), above analysts’ average estimate of $16.28 billion.

Net income attributable to Facebook shareholders fell to $2.62 billion, or 91 cents per share, in the three months ended June 30, from $5.11 billion, or $1.74 per share, a year earlier.

Excluding the FTC fine and other items, Facebook earned $1.99 per share. Total revenue rose about 28% to $16.9 billion, beating analysts’ average estimate of $16.51 billion.―Euro News

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