home Business & Finance Facebook shares surge as quarterly profit, revenue beat estimates

Facebook shares surge as quarterly profit, revenue beat estimates

The Facebook logo appears on screens at the Nasdaq MarketSite in New York's Times Square.Richard Drew/AP Photo file

Facebook Inc. reported revenue that beat Wall Street estimates, showing the largest social-media company’s advertising business is weathering scrutiny over a series of privacy scandals.

The company reported fourth-quarter sales of US$16.91 billion, ahead of the US$16.4 billion analysts expected. Earnings also topped expectations, sparking a share surge of more than 6 percent in extended trading on Wednesday.

The company had 1.52 billion daily active users in December. Wall Street was looking for 1.51 billion, according to the average of four analyst forecasts.