Facebook Revenue Jumps 48%, As Pandemic Habits Persist
Revenue climbed to $26.2 billion, the company said Wednesday in a statement. That dwarfed the $23.7 billion average estimate of analysts, according to data compiled by Bloomberg.
Facebook Inc.’s first-quarter sales rose 48%, surging past analysts’ estimates thanks to strong demand from retailers and other advertisers seeking to grab attention from the social network’s billions of users.
Revenue climbed to $26.2 billion, the company said Wednesday in a statement. That dwarfed the $23.7 billion average estimate of analysts, according to data compiled by Bloomberg.
Facebook reported 2.85 billion monthly active users, a rise of 10%. Analysts projected 2.83 billion. Shares jumped more than 6% in late trading.
The company hasn’t seen a slowdown even as consumers return to more offline activities as the pandemic begins to subside. The average price per ad rose 30% in the first quarter from a year earlier, Facebook said, and the number of ads delivered notched up 12%.
The company’s shares, which closed at $307.10 in New York, jumped as high as $328.40 in extended trading following the earnings report. The stock has gained 12% this year, slightly ahead of the increase in the S&P 500 Index.
Net income in the March quarter rose to $9.5 billion, or $3.30 a share, Facebook said. Analysts on average had projected $2.34 in per-share profit.
