Facebook quarterly earnings exceeded expectations

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On Wednesday, Facebook reported quarterly revenue and earnings surpassed previous forecasts, making more ad money from their users in spite of recent scandals.

Daily users statistics on the platform seems to have bounced back, a signal of a stable engagement amid the backlash around the leak of personal information to companies like Cambridge Analytica. Facebook shares gained approximately 6 percent following the release of the results.

According to a Thomson Reuters consensus estimate, earnings per share were $1.69 adjusted versus the $1.35 expected. The revenue was at $11.97 billion against the $11.4 billion forecast.

Facebook reported an adjusted EPS of $1.04 on the revenue of $8.03 last year. The quarterly results also highlighted the social media’s ongoing hiring investments and venture into mobile. Mobile ad revenue is currently at 91 percent of the overall, the headcount rose 48 percent year after year to 27,742.

However, CEO Mark Zuckerberg stated in a conference call that the company is heavily investing on security for safety reasons, this includes hiring workers with language skills to identify hate speech. The company is also looking into tools which can verify government IDs before the elections in the U.S. and abroad by the year ends.

Zuckerberg also said that aside from the investments to secure the platform, the company will be also investing more on building the experiences that connects individual people together on Facebook.

The CEO stated on a conference call that the year 2018 is going to be a significant year for the company.

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