Facebook beats quarterly revenue estimates; monthly active users up 12%

Facebook beats quarterly revenue estimates; monthly active users up 12%
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Inc beat analysts’ estimates for quarterly revenue on Wednesday, powered by increased ad spending by businesses to capitalize on a holiday shopping season driven online by the pandemic.


The results validate the company’s foray into e-commerce with Instagram Shopping and Marketplace that banked on the trend of social shopping, which picked up pace last year as outdoor recreational activity dwindled due to Covid-19 associated curbs.



ALSO READ: Apple tops Wall Street expectations on record iPhone revenue, stock gains


The company has launched a slew of new e-commerce products such as Pay and Facebook Shops that enable in-app purchases across the company’s suite of apps, including Instagram and WhatsApp.


Monthly active users rose 12% to 2.80 billion, above the 2.75 billion expected by analysts.


Total revenue, which comprises primarily of advertising revenue, rose to $28.07 billion in the fourth quarter ended Dec. 31 from $21.08 billion, a year earlier.


Analysts on average estimated quarterly revenue of $26.44 billion, according to IBES data from Refinitiv.


Net income came in at $11.22 billion, or $3.88 per share, compared with $7.35 billion, or $2.56 per share, a year earlier.

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