In this Tuesday, Oct. 29, 2019 photo, a Facebook app is shown on a smartphone in Miami. Facebook reports financial earns on Wednesday, Oct. 30. (AP Photo/Wilfredo Lee)
tech

Facebook posts solid 3Q despite rising regulatory threats

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By BARBARA ORTUTAY

Facebook on Wednesday reported solid third-quarter results showing steady growth in its user base even as it faces broad regulatory threats and criticism over its power and negative effects on society.

Facebook said Wednesday that it earned $6.09 billion, or $2.12 per share, in the July-September quarter, up 19% from $5.14 billion, or $1.76 per share, in the same period a year earlier.

Revenue grew 29% to $17.65 billion from $13.73 billion. Analysts on FactSet had expected earnings of $2.11 per share and revenue of $17.37 billion.

Facebook ended the quarter with 2.45 billion monthly users, up 8% from a year earlier. It also said that about 2.8 billion people use at least one of its services — Facebook, Messenger, WhatsApp or Instagram — at least once a month.

The company based in Menlo Park, California, has had a rough couple of years and is under growing regulatory scrutiny around the world. In the U.S., it faces several government investigations for alleged anti-competitive behavior, including probes by the Federal Trade Commission and 46 state attorneys general.

CEO Mark Zuckerberg faced prickly questioning from members of Congress last week when he testified about the company's plans for a digital cryptocurrency.

Investors sent Facebook's stock up 3% in after-hours trading following the earnings report.

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©2019 GPlusMedia Inc.

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Steady as she goes

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