Facebook Beats Wall Street Profit Estimates, Shares Shoots up After 2018 Q4 Results
Facebook Inc easily beat Wall Street’s profit estimates, soothing investor concerns that increased spending on the privacy of its users would blunt growth.
The world’s largest online social media network has pledged to invest heavily in the privacy and security of its users after scandals over improperly shared data and propaganda hurt its image and made it the target of political scrutiny across the globe.
Facebook shares rose nearly 12 percent to $168.20 after the bell. They closed up 4.3 percent in regular trading.
Net income rose to $6.88 billion, or $2.38 per share, in the fourth quarter, up from $4.27 billion, or $1.44 per share, a year earlier. Analysts on average had expected earnings of $2.19 per share, according to IBES data from Refinitiv.
Total fourth-quarter reven...