Facebook: 2Q Earnings Snapshot
MENLO PARK, Calif. (AP) _ Facebook Inc. (FB) on Wednesday reported second-quarter profit of $5.11 billion.
The Menlo Park, California-based company said it had profit of $1.74 per share.
The results missed Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.75 per share.
The social media company posted revenue of $13.23 billion in the period, also falling short of Street forecasts. Fourteen analysts surveyed by Zacks expected $13.43 billion.
Facebook shares have increased 23 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 6.5 percent. In the final minutes of trading on Wednesday, shares hit $217.50, an increase of 32 percent in the last 12 months.