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Saturday, September 24, 2022

Facebook tops first-quarter forecasts with £2.4bn profit

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

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

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

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 yesterday, shares hit $151.80, a climb of 29% in the last 12 months.

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

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