The world’s sixth-largest company, Facebook, reported its latest financial results for the second quarter after the closing bell on Wednesday – beating Wall Street expectations.

The company reported total revenue of $29.08 billion (56% increase year-on-year) in the previous quarter, beating analyst forecasts of $27.89 billion. Earnings per share were at $3.61 per share (101% increase year-on-year) vs. $3.03 per share expected.

Daily active users reported at 1.91 billion (7% year-over-year), in line with expectations. Monthly active users were at 2.90 billion vs. 2.91 forecast. The average revenue per user was higher than expected at $10.12 vs. the $9.66 forecast.

Founder and CEO, Mark Zuckerberg, commented on the latest results in a statement: ”We had a strong quarter as we continue to help businesses grow and people stay connected.”

”I’m excited to see our major initiatives around creators and community, commerce, and building the next computing platform coming together to start to bring the vision of the metaverse to life.” – he added.

Facebook shares were down by around 3% in the after-hours trading after finishing the trading day up by 1.49%. The stock is trading 62% higher since the same time last year, ending the trading day on Wednesday at $359.22 per share.

Facebook Chart (1Y)

 

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Sources: Facebook, Refinitiv, TradingView