Facebook Reports Revenue, Income Increases For Third Quarter

Strong Q3

A 22% year-to-year increase in revenue to $21.5 billion and a 29% jump in net income to $7.85 billion ($2.71/share, with a 31 cent boost from a one-time income tax benefit) marked FACEBOOK's third quarter results announcement THURSDAY (10/29). Daily active users increased 12% to 1.82 billion, although the number represented a slight decline from 2020 in the U.S. and CANADA, blamed on the pandemic and expected by the company to continue into fourth quarter. The company's earnings release expressed bullishness for advertising revenue prospects moving forward, expecting another (larger) increase in fourth quarter.

"We had a strong quarter as people and businesses continue to rely on our services to stay connected and create economic opportunity during these tough times," said CEO MARK ZUCKERBERG. "We continue to make significant investments in our products and hiring in order to deliver new and meaningful experiences for our community around the world."

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