Facebook quarterly profit, revenue beat estimates

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Facebook Inc.’s quarterly profit and revenue beat analysts’ estimates on Wednesday, as the social media company’s mobile ad business grew on a major push to add more video content.

Shares of the company, which have fallen 9.5 per cent this year, were up 2.2 per cent at $163.18 after the bell.

Facebook said monthly active users in the first quarter rose to 2.2 billion, up 13 per cent from a year earlier.

Analysts on average had expected monthly active users of 2.2 billion, according to Thomson Reuters I/B/E/S.

Net income attributable to Facebook shareholders rose to $4.99 billion, or $1.69 per share, from $3.06 billion, or $1.04 per share, a year earlier.

Analysts on average were expecting a profit of $1.35 per share.

Total revenue rose 49 per cent to $11.97 billion, above the analyst estimate of $11.41 billion.

SOURCE: CBC.ca

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