Facebook added strong earnings and revenue as friends following the close of Wednesday’s market session as the social media company bested Wall Street’s expectations.
Shares of Facebook soared as much as 8 percent in after hours trading following the announcement. The earnings beat comes as welcome news after the company faced declining shares and reduced investor confidence amidst the volatile tech sell-offs near the end of 2018.
Final earnings numbers:
- Earnings: $2.38 per share versus $2.19 forecast by Refinitiv consensus estimates
- Revenue: $16.91 billion versus $16.39 billion forecast by Refinitiv consensus estimates
- Daily active users: 1.52 billion versus 1.52 billion forecast by Refinitiv consensus estimates
- Monthly active users: 2.32 billion versus 2.32 billion forecast by Refinitiv consensus estimates
- Average revenue per user: $7.37 versus $7.11 forecast by FactSet estimates
ETFs to watch during Thursday’s trading session include those with the biggest holdings in the social media company. These include the Communication Services Select Sector SPDR Fund (NYSEArca: XLC), Vanguard Telecom Services (NYSEArca: VOX), iShares Global Telecom (NYSEArca: IXP), and the Global X Social Media ETF (NasdaqGM: SOCL).
In an effort to stop the bleeding from late last year, Zuckerberg dialed up the aggressiveness, which caused some fallout from the social media company’s top executives. A report by the Wall Street Journal revealed that the embattled Zuckerberg told execs he would adopt a more aggressive stance akin to a war general amid pressure from investors and lawmakers.