MENLO PARK, Calif. – MENLO PARK, Calif. (AP) _ Facebook Inc. (FB) on Tuesday reported third-quarter profit of $802 million.
The Menlo Park, California-based company said it had profit of 30 cents per share. Earnings, adjusted for one-time gains and costs, came to 43 cents per share.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The social media company posted revenue of $3.2 billion in the period, also surpassing Street forecasts. Analysts expected $3.11 billion, according to Zacks.
Facebook shares have increased 48 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 7 per cent. In the final minutes of trading on Tuesday, shares hit $80.67, a rise of 61 per cent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. FB stock research report from Zacks.
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