Just two weeks after testifying before Congress, Facebook Inc. (FB) CEO Mark Zuckerberg released the social network’s first quarter results and exceeded analyst’s expectations.
Facebook shares were up 6.5%, near 170, during after-hours trading on the stock market after the company’s earnings reports were better than expected. Facebook reported revenue of $11.97 billion, compared to forecasts of $11.4 billion. The company also said diluted earnings came in at $1.69 a share, beating predictions of $1.35 a share.
According to Investors, “Facebook stock was near its 50-day moving average — a positive signal — after crashing through it on March 16 when new reports of the Data Analytica privacy scandal emerged. The company said it ended the quarter with 1.45 billion daily active users, matching the consensus. It reported having 2.2 billion monthly active users, also meeting estimates.”
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Facebook is a big part of many tech related ETFs. Among the ETFs with the largest exposure to Facebook are the Global X Social Media Index ETF (SOCL) with a 8.85% weighting, iShares U.S. Technology ETF (IYW) with a 7.82% weighting, and Entrepreneur 30 Fund (ENTR) with a 7.68% weighting.
2018: An Important Year for Facebook
Despite a positive report, Facebook is still under scrutiny. Facebook’s chief technology officer, Mike Schroepfer, will be appearing before a U.K. Parliament committee Thursday morning to address privacy and data security concerns.
According to CNBC, “Zuckerberg said on a conference call that the company is investing “heavily” on safety and security, including workers with language skills for detecting hate speech, and tools for verifying government IDs, ahead of elections in the U.S. and abroad by the end of the year.
Related: How Facebook Broke the Internet and Our Brains
“Beyond the investments we’re making to secure our platform, we’re going to invest even more in building the experiences that bring people together on Facebook in the first place,” Zuckerberg said.
Facebook announced it would buy back $9 billion more shares, after initially announcing a $6 billion buyback.
For Facebook, 2018 has been a pivotal year.