Facebook tops Street 2Q forecasts
Jul. 26, 2017
MENLO PARK, Calif. (AP) _ Facebook Inc. (FB) on Wednesday reported second-quarter net income of $3.89 billion.
The Menlo Park, California-based company said it had profit of $1.32 per share.
The results exceeded Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.
The social media company posted revenue of $9.32 billion in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $9.17 billion.
Facebook shares have risen 44 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 11 percent. In the final minutes of trading on Wednesday, shares hit $165.61, a rise of 37 percent in the last 12 months.
Keywords: Facebook, Earnings Report, Priority Earnings