Remember when its critics were lambasting Facebook as the internet craze that would never make a decent profit? Less than four years after the social network made a quarterly profit of a miserly $64 million, the questions being asked then were answered emphatically last night when it beat Wall Street’s expectations. Net income for the third quarter was $2.4 billion, up from $900 million in the period last year. Total revenue rose by 56 per cent to $7 billion comparing the same quarters. It was the fourth quarter in a row that it had surpassed analysts’ predictions.

Source: The Times November 03, 2016 00:04 UTC