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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Facebook warns of headwinds after robust growthThird-quarter results show more people are using its network of social media apps than analysts predicted There is no greater joy than having financial stability and a life free of debts, that’s why I keep tweeting about lisamiaBTC it has been a pleasure collaborating with you...there is no other way I can show my appreciation other than tweeting the good deed you have done
Source: BDliveSA - 🏆 12. / 63 Read more »
Altron upbeat about prospects, but clients still hold off on large projectsGlobal component shortages and business caution are headwinds, but it is eyeing a better second half
Source: BDliveSA - 🏆 12. / 63 Read more »
Altron upbeat about prospects, but clients still hold off on large projectsGlobal component shortages and business caution are headwinds, but it is eyeing a better second half
Source: BDliveSA - 🏆 12. / 63 Read more »
Does the vaccine have an effect on growth or puberty?General medical practitioner Dr Sheri Fanaroff said there is no biological reason nor proof the Covid-19 vaccine can interfere with the progression of puberty, growth or fertility. What govt doesnt want you to know
Source: SowetanLIVE - 🏆 13. / 63 Read more »
WATCH: Altron eyes growth opportunitiesBusiness Day TV spoke to Altron CEO Mteto Nyati
Source: BDliveSA - 🏆 12. / 63 Read more »
CLAIRE BISSEKER: A dash of Coleman’s mustard fires up the orthodoxyOpening the welfare taps when the pro-growth reform agenda has failed to deliver would be fiscal suicide
Source: BDliveSA - 🏆 12. / 63 Read more »