Last Updated on: 30th April 2021, 01:40 am
Facebook has shared its latest earnings report for the quarter ended March 2021, posting the strongest first-quarter earnings yet.
“The company has shattered expectations with nearly double income than before despite increased competition from Google and others.”
Facebook reported $26.1 billion in revenue in Q1 2021, 48% more than the same period in 2020. This is $3 billion more than analysts and The Wall Street Journal predicted.
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Net income was also much higher than expected, well above projections at $ 9.5 billion, or $ 3.30 per share. Analysts had a forecast of $2.33 per share, and revenue nearly doubled from $ 4.9 billion last year.
In terms of monthly active users, the number rose by 50 million, which means that in the last month of the quarter, a record 2.85 billion people used Facebook.
As a result, a number of analysts this week raised their Facebook price targets in anticipation of the better-than-expected earnings report. Some of them also congratulated and recognized Facebook and Instagram ad trends for the successful report.
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In January 2021, Facebook announced first-quarter revenue of over $26 billion for the year. The company’s stock jumped by 7% after the announcement. Shares were closed up 1.2% and climbed about 14% throughout the year. These were better than analyst predictions as well.
