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Saturday 18 November 2017

Facebook tops first-quarter forecasts with £2.4bn profit

Facebook posted revenue of 8.03 billion dolllars (£6.2bn)
Facebook posted revenue of 8.03 billion dolllars (£6.2bn)

Facebook has reported a forecast-beating first-quarter profit of 3.06 billion dollars (£2.4bn).

On a per-share basis, the Menlo Park, California-based company said it had profit of 1.04 dollars, a above the 87 cents per share that analysts polled by FactSet had expected.

The social media company posted revenue of 8.03 billion dolllars (£6.2bn) in the period, also beating forecasts. Eleven analysts surveyed by Zacks Investment Research expected 7.85 billion dollars.

Facebook shares have climbed 32% since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 7%.

In the final minutes of trading on Wednesday, shares hit 151.80 dollars, a climb of 29% in the last 12 months.

In after-hours trading, the company's shares fell 3.90 dollars, or 2.6%, to 147.90.

AP

Press Association

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