Facebook shares rise almost 5 per cent after strong Q3 performance
Q3 revenue for the social network rose 29 per cent to $17.65 billion
Facebook shares rose by almost 5 per cent following better than expected sales growth in the third quarter and profit increase as growth in expenses slowed from a year earlier.
However, if the share gains hold through, the social network would gain nearly $26bn (£20bn, €23bn) in value, Reuters reported.
The stock was last up 4.8 per cent at $197.30, still around 22 per cent off analysts’ median price target of $240.
Third quarter total revenue rose 29 per cent compared to a year ago to $17.65bn (£13.6bn, €15.8bn) and Facebook reported $6.09bn in profit, or $2.12 per share.
Daily active users also increased year on year by 9 per cent to 1.62 billion on average for September 2019 while monthly active users were 2.45 billion.
Facebook CEO and founder Mark Zuckerberg said: “We had a good quarter and our community and business continue to grow. We are focused on making progress on major social issues and building new experiences that improve people's lives around the world.”
Facebook recently dropped its appeal against a fine of £500,000 ($643,00, €579,000) for its part in the Cambridge Analytica scandal without admitting liability.