Facebook’s Quarterly Profit Beats Expectations And Posts Fastest Revenue Growth Since 2016

Facebook’s earnings in the three months ended June 30 beat expectations and posted the fastest revenue growth since 2016.

But Facebook shares fell 5% in after-hours trading after the social media company said it expects revenue growth to slow in the coming quarters.

And earnings per share came to $3.61, compared to expectations of $3.03 per share, as expected by analysts, while revenues amounted to $29.08 billion, versus $27.89 billion expected revenue.

The number of daily active users is 1.91 billion, and the monthly active users are 2.90 billion.

Facebook’s revenue grew 56% year-over-year in the second quarter, according to the statement, the fastest growth since 2016, accelerating from 48 percent growth in the previous quarter.