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Facebook Inc (NASDAQ: FB) stock closed Monday trading at $328.69, up 1.26% from the day’s opening price. The gains extended during the after-hours, whereby FB stock traded around $334.30, up approximately 1.71%. In the pre-market, the stock is 2.2% up. On Monday, Facebook released its Q3 earnings results that largely beat analysts’ expectations.
According to a press release by prnewswire, Facebook reported a revenue of $29,010 million, compared to $21,470 million recorded the same time last year, for the three months that ended on September 30. The change represented approximately 35% year-over-year.
Additionally, the social media giant reported its net income for the third quarter came in at $9,194 million, compared to last year’s $7,846 million. Thereby recording a change of 17% over the past year.
As for the diluted earnings per share (EPS) the company reported $3.22 for the three months that ended on September 30. The company saw a 19% rise in diluted earnings per (EPS) from what was reported in Q3 2020.
Facebook and Its Q3
According to a study conducted by Refinitiv, analysts expected Facebook to report revenue of $29.57 and $3.19 in earnings per share.
As for the third quarter operational highlights, Facebook reported that its daily active users (DAUs) came in at 1.93 billion representing a 6% rise YoY.
Similarly, the company reported its monthly active users (MAUs) rose by 6% YoY to 2.81 billion during the third quarter. Notably, the family daily active people (DAP) for the company came in at 2.81 billion, representing a rise of 11% YoY.
Further, the family monthly active people (MAP) for the company was 3.58 billion, representing a rise of 12% YoY. Notably, the company’s capital expenditures, including principal payments on finance leases, were $4.54 billion.
During the three months that ended on September 30, Facebook conducted a share repurchase program of approximately $14.37 billion inClass A common stock. Ahead, the company initiated a $50 billion repurchase program in the fourth quarter.
Indicating the company is in the defense mode against external market pressure. Moreover, the past few months have been a huge rollercoaster for the company with regulators. Most of the scrutiny has emanated from the company’s huge market dominance in the social media industry.
The company is, however, working on progressing to other fields including the metaverse. “We made good progress this quarter and our community continues to grow,” said Mark Zuckerberg, Facebook founder and CEO. “I’m excited about our roadmap, especially around creators, commerce, and helping to build the metaverse.”
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