MENLO PARK, Calif. (AP) _ Facebook Inc. (FB) on Wednesday reported first-quarter earnings of $2.43 billion.
On a per-share basis, the Menlo Park, California-based company said it had net income of 85 cents.
The results missed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.66 per share.
The social media company posted revenue of $15.08 billion in the period, beating Street forecasts. Twelve analysts surveyed by Zacks expected $14.97 billion.
Facebook shares have risen 39 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 17 per cent. In the final minutes of trading on Wednesday, shares hit $182.59, a rise of 14 per cent in the last 12 months.
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The Associated Press
