Facebook warns of headwinds after robust growth

Naomi Nix and Kurt WagnerFacebook shares gained in late trading after third-quarter results showed more people are actively using its network of social media apps than analysts predicted, and the company pledged to buy back as much as $50 billion more in stock.

Third-quarter revenue climbed 35% to $29bn. That compared with the $29.5bn average analysts’ estimate, according to data compiled by Bloomberg. Daily active users for the company’s network rose to 2.81-billion, Facebook said on Monday in a statement, compared with analyst predictions of 2.77-billion. The company’s shares rose about 2% in extended trading.

Facebook also may be grappling with the repercussions of a global slowdown in shipments of parts and consumer goods that is causing advertisers to pause some spending ahead of the holiday season, to avoid promoting wares they may not be able to deliver. Social media rival Snap Inc. last week warned investors about supply-chain issues hampering its own business during the December quarter, leading to concerns about other companies that rely on digital advertising for the bulk of their revenue.

The company on Monday also said it will start breaking out financial results for Facebook Reality Labs, which includes the Oculus hardware division, next quarter. The move will enable Facebook to separate its main digital advertising business from its major investments in creating virtual worlds and let investors see the costs and revenue associated those efforts.

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