Facebook's stock jumped Wednesday into record territory after the social media giant reported stronger-than-expected results for the first quarter thanks to soaring ad revenue. Analysts, on average, were expecting earnings of $2.35 per share and revenue of $23.73 billion, according to a poll by FactSet. Its family of apps — Facebook, Instagram and WhatsApp — had monthly users of 3.45 billion in March. Because revenue grew so quickly in the second half of 2020, Facebook could have trouble keeping up that pace. Facebook said Wednesday it expects its second-quarter 2021 revenue growth to stay stable or “modestly accelerate" compared with the growth rate in the first quarter.

Source: Mint April 28, 2021 23:37 UTC