Facebook Reports 48% Revenue Growth and Profit Doubling

Facebook shares rose 6% after the company released its financial report for the first quarter of 2021, significantly exceeding Wall Street expectations.

Facebook (FB) reported solid results for the first three months of 2021 after the market closed on Wednesday. Its advertising revenue grew as the countries’ economies recovered in the face of large-scale vaccination against COVID-19 and the lifting of quarantine restrictions.

Facebook Instagram Facebook’s efforts in digital sales tools have also borne fruit, as sellers use Facebook, Instagram, WhatsApp, and Messenger as tools to communicate with customers.

Invest heavily in providing new and meaningful experiences for years to come, including augmented and virtual reality, commerce, and the ‘economy’ for content creators, Facebook founder, and CEO Mark Zuckerberg, commenting on the report.

Facebook’s first-quarter earnings rose 93% to $3.30 per share, a whopping $0.93 better than the average analyst estimate of $2.37. The total quarterly profit rose to $9.50 billion. Compared to $4.9 billion. A year earlier.

Facebook’s user base consistently shows a low but steady growth rate from quarter to quarter. At the end of March 2021, active Facebook users averaged:

•  Active Users 1.88 billion up 8% last year.

• Monthly 2.85 billion up 10% from the same period last year.