Shares of Facebook surged in after-market trading Wednesday, spiking more than 5% after the social networking giant recorded a major earnings and revenue beat.
Facebook logged diluted per-share earnings of $3.30 on revenue of $25.44 billion, well ahead of Wall Street’s expected earnings of $2.37 per share on revenue of $23.67 billion for the March-ended quarter.
“We had a strong quarter as we helped people stay connected and businesses grow,” said Mark Zuckerberg, Facebook founder and CEO. “We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy.”
Facebook’s after-hours spike came after closing up 1.1% on Wednesday, outpacing the broader market’s flattish day.
More to come…