Facebook shares shoot up after strong Q4 earnings despite scandals

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Facebook managed to beat Wall Street’s estimates in its Q4 earnings amidst a constant beat down in the press. Facebook hit 2.32 billion monthly users, up 2.2 perecent from 2.27 billion last quarter, speeding up its growth rate. Facebook climbed to 1.52 billion daily active users from 1.49 billion last quarter for a 2 percent growth rate that dwarfed last quarter’s 1.36 percent.

Facebook earned $16.91 billion off all those users with a $2.38 GAAP earnings per share. Those numbers handily beat Wall Street’s expectations of $16.39 billion in revenue and $2.18 GAAP earnings per share, plus 2.32 billion monthly and 1.51 billion daily active users.

Facebook shares had closed today at $150.42 but shot up over 10 percent following the strong earnings announcement to hover around $160. Yet that’s still way down from $186 where it was a year ago and a peak of $217 in July.

It’s been a brutal quarter for Facebook but its swifter user growth rates show Facebook survived its biggest ever data breach without scaring off too many people. Meanwhile it’s continuously struggled with scandals like hiring opposition research firm Definers, and it saw its new teen app Lasso largely flop.

Written by Josh Constine
This news first appeared on https://techcrunch.com/2019/01/30/facebook-earnings-q4-2018/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29 under the title “Facebook shares shoot up after strong Q4 earnings despite scandals”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.