SAN FRANCISCO: Facebook on Wednesday reported that its profit in the recently ended quarter plummeted due to costs of a US privacy settlement in a quarterly update that was largely better than expected and set its share price higher.Profit in the second quarter fell 49 percent from a year ago to $2.6 billion while revenues increased to 16.9 billion.The leading online social network beat market expectations regarding revenue and user growth, and shares rose 3.2 percent to $211.22 in after-hours trades that followed release of the earnings figures."We had a strong quarter and our business and community continue to grow," said Facebook chief executive Mark Zuckerberg.
from The News International - Sci-Tech https://ift.tt/2LHFtjV
SAN FRANCISCO: Facebook on Wednesday reported that its profit in the recently ended quarter plummeted due to costs of a US privacy settlement in a quarterly update that was largely better than expected and set its share price higher.Profit in the second quarter fell 49 percent from a year ago to $2.6 billion while revenues increased to 16.9 billion.The leading online social network beat market expectations regarding revenue and user growth, and shares rose 3.2 percent to $211.22 in after-hours trades that followed release of the earnings figures."We had a strong quarter and our business and community continue to grow," said Facebook chief executive Mark Zuckerberg. https://ift.tt/eA8V8J
from The News International - Sci-Tech https://ift.tt/2LHFtjV
SAN FRANCISCO: Facebook on Wednesday reported that its profit in the recently ended quarter plummeted due to costs of a US privacy settlement in a quarterly update that was largely better than expected and set its share price higher.Profit in the second quarter fell 49 percent from a year ago to $2.6 billion while revenues increased to 16.9 billion.The leading online social network beat market expectations regarding revenue and user growth, and shares rose 3.2 percent to $211.22 in after-hours trades that followed release of the earnings figures."We had a strong quarter and our business and community continue to grow," said Facebook chief executive Mark Zuckerberg. https://ift.tt/eA8V8J
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