 "Facebook quarterly revenue beats estimates, rises to $21.47 billion")
Facebook Inc beat analysts’ estimates for quarterly revenue on Thursday, as more businesses used its digital advertising tools during a pandemic-induced surge in online traffic.
Revenue growth at Facebook, the world’s second-biggest seller of online ads after Alphabet Inc’s Google, has been growing despite an unprecedented advertising boycott and a coronavirus-triggered recession.
A July advertising boycott, which drew the support of major advertisers including Unilever, Starbucks Corp and Coca-Cola Co, sought to pressure Facebook to take more action against hate speech.
Total revenue, which primarily consists of ad sales, rose to $21.47 billion from $17.65 billion in the third quarter ended Sept. 30, beating analysts’ estimates of $19.82 billion, according to IBES data from Refinitiv.
Monthly active users rose to 2.74 billion, compared with estimates of 2.70 billion.
Net income came in at $7.85 billion, or $2.71 per share, compared with $6.09 billion, or $2.12 per share, a year earlier.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%