Facebook Inc (NASDAQ:FB) had a strong third quarter that sent shares surging after the bell.
The company has been on a roll in recent quarters as it has continued to top analysts’ projections by a wide margin. Facebook amassed more users in the most recent quarter, now serving 2.06 billion monthly active users, marking a 3.19% increase compared to last period’s 2.006 billion and a 3.4% growth rate.
The social media site’s daily active users has reached 1.37 billion, a 3.8% increase quarter-over-quarter when it had 1.32 billion. Facebook’s revenue came in at $10.33 billion, marking a 47% rise year-over-year, while also topping the Wall Street consensus estimate of $9.84 billion.
Earnings came in at $1.59 per share, more than 30 cents ahead of analysts’ projections of $1.28 per share, and a 77% increase compared to the year-ago period. Facebook CEO said that its impressive growth will slow down soon.
He added that the company has been investing plenty into security that will improve the site in the future. “Protecting our community is more important than maximizing our profits,” he said.
Part of the reason why Facebook has been fighting to improve its security is due to the scrutiny the site received for failing to adequately combat and take down fake news. One such case is the U.S. election and Russia’s involvement in it with false stats and information designed to boost President Trump’s popularity.
FB stock gained 1% after hours.