Facebook Q3 Earnings Miss Analyst Forecasts, Users Slip
Facebook has post lower-than-expected Q3 revenue, notching US$13.73 billion versus US$13.77 billion analysts expected. The social media giant has continued to shed users, with its 9% YoY average daily count slipping below 1.51 billion consensus.
Monthly users climbed 10% to 2.27 billion, missing analyst forecasts for 2.29 billion.
By contrast, the social media giant’s profits trumped expectations, with per-share earnings of $US1.76 beating analyst projections for $US1.46.
Per-share earnings are up from $US1.59 the year before.
Despite a 9% profit lift, FactSet claims it’s Facebook’s slowest growth rate in quarterly profit since Q2Y15, coupled with its lowest revenue figure in six years.
The quarterly report comes after Facebook warned the market of slowing results after Q2 earnings – culminating in its biggest one-day decline, with nearly US$120 billion wiped from its market value.
The news comes as Facebook continues to face regulatory and privacy hurdles, with a slew of international fines from the EU and globally.
The social media giant has also continued to action its campaign against fake news, combating allegations of users distrust.