Facebook Inc on Wednesday blew past Wall Street profit estimates in the first qu...
- Facebook Inc on Wednesday blew past Wall Street profit estimates in the first quarter and set aside $3 billion to cover a settlement with U.S. regulators, calming investors who had worried about the outcome of a months-long federal probe.
Total first-quarter revenue rose 26 percent to $15.1 billion from $12.0 billion last year, again beating analysts’ average estimate of $15.0 billion. Executives said in a conference call with investors that they expected expenses to grow 47 to 55 percent this year, updating their earlier forecast of an increase of 40 to 50 percent.
Even once the FTC probe is resolved, other challenges remain. The number of Facebook users barely budged in the United States, Canada and Europe, indicating saturation in the company’s most lucrative markets. The company launched a sales system last month that enables users to purchase products directly on Instagram and is testing a WhatsApp payments system in India that it plans to roll out to other countries, Chief Executive Mark Zuckerberg said.
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