Facebook Earnings: FB Stock Soars 8% on Massive Q2 Beats

Facebook (NASDAQ:FB) earnings for the social media company’s second quarter of 2020 have FB stock on the rise after-hours Thursday. That’s due to the company reporting diluted earnings per share of $1.80. This beats out Wall Street’s estimate of $1.39 per share. Its revenue of $18.69 billion also comes in well above analysts’ estimates of $17.4 billion.

image of person using a Facebook (FB) app on their mobile phone with Facebook also open on an online browser in the background

Source: Chinnapong / Shutterstock.com

Here are some additional highlights from the most recent Facebook earnings report.

  • Diluted EPS comes in 98% higher compared to 91 cents during the same time last year.
  • Revenue for the quarter is sitting up 11% from $16.89 billion in Q2 2019.
  • Operating income of $5.96 billion is a 29% increase year-over-year from $4.63 billion.
  • The Facebook earnings report also has it bringing in a net income of $5.18 billion.
  • That’s a 98% improvement over the company’s net income of $2.62 billion in the same period of the year prior.

Mark Zuckerberg, founder and CEO of Facebook, said this in the earnings report.

“We’re glad to be able to provide small businesses the tools they need to grow and be successful online during these challenging times. And we’re proud that people can rely on our services to stay connected when they can’t always be together in person.”

Facebook isn’t providing specific guidance due to the novel coronavirus. However, it does say it expects revenue growth in the third quarter of the year to be roughly 10% year-over-year.

FB stock was up 7.9% after markets closed on Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/facebook-earnings-send-fb-stock-higher/.

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