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UPDATE 2-Facebook misses estimates for monthly users, revenue


Reuters
Updated: 31-10-2018 03:03 IST

Facebook Inc on Tuesday missed estimates for quarterly user growth and revenue but topped profit expectations as the social network tries to recover from privacy and content scandals.

Shares of the company were down 5.2 percent at $138.65 in extended trading.

Net income attributable to Facebook shareholders rose to $5.14 billion, or $1.76 per share, in the third quarter ended Sept. 30 from $4.7 billion, or $1.59 per share, a year earlier.

Analysts on average expected earnings of $1.48 per share, according to Refinitiv data.

Facebook's monthly active users were 2.27 billion, falling short of 2.29 billion estimated by analysts.

Slowing growth after years of incredible results has been a top concern, and Facebook's weak third-quarter user growth underscored those fears. The company had warned its profit and revenue growth could be the slowest in years.

Total revenue rose 33 percent to $13.73 billion, also missing estimates of $13.78 billion. (Reporting by Munsif Vengattil in Bengaluru and Paresh Dave in San Francisco; Editing by Anil D'Silva)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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