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Facebook beats 3Q net income and revenue expectations

MENLO PARK, Calif. – MENLO PARK, Calif. (AP) _ Facebook Inc. (FB) on Wednesday reported third-quarter profit of $891 million.

The Menlo Park, California-based company said it had profit of 31 cents per share. Earnings, adjusted for one-time gains and costs, came to 57 cents per share.

The results topped Wall Street expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The social media company posted revenue of $4.5 billion in the period, also topping Street forecasts. Fourteen analysts surveyed by Zacks expected $4.39 billion.

Facebook shares have increased 33 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen 2 per cent. In the final minutes of trading on Wednesday, shares hit $103.93, a rise of 37 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FB at http://www.zacks.com/ap/FB

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Keywords: Facebook, Earnings Report, Priority Earnings