Facebook increased sales by more than a fifth in the past quarter. Profits also increase. The network takes the exceeded analyst expectations as an opportunity to adjust its outlook.
Facebook benefited from a strong ad business in the third quarter. The group increased sales and earnings significantly and exceeded analysts' expectations. The social network also expects a strong fourth quarter. Sales rose in the three months by 22 percent to $ 21.47 billion. Observers had forecast 19.8 billion.
The social network profit climbed to $ 7.85 billion from $ 6.1 billion. The company earned $ 2.71 per share. In the factset consensus, analysts had expected a decline to 1.90 dollars.
Facebook is confident about the fourth quarter. At the same time, CFO David Wehner warned of considerable uncertainty in the coming year. The pandemic is strengthening the e-commerce sector. However, Facebook is facing considerable regulatory challenges both in the US and abroad.
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