Facebook jumps up in revenue by growth in Instagram business

Facebook Inc beat analysts' estimates for quarterly revenue on Wednesday, aided by growth in its Instagram business and a surge in advertising spending by companies while also warning it could face up to $5 billion in losses related to an official U.S. privacy investigation. Monthly active users rose to 2.38 billion, beating estimates of 2.37 billion, according to IBES data from Refinitiv.

Total revenue rose 26 percent to $15.08 billion, beating analysts' average estimate of $14.98 billion. Net income attributable to Facebook shareholders fell to $2.43 billion, or 85 cents per share, in the first quarter ended March xx, from $4.99 billion, or $1.69 per share, a year earlier.

Analysts were expecting the company to report profit of $1.63 per share.