Facebook reports quarterly earnings, user growth despite challenges

This file photo taken on July 4, 2019 in Nantes shows the logo of the US online social media and social networking service, Facebook. (AFP)

Facebook on Wednesday reported quarterly earnings and user growth that beat expectations, but shares took a hit in after-market trades.

The leading online social network reported its net income rose seven percent from a year ago to $7.3 billion, while revenue increased 25 percent to $21 billion in the final three months of last year.

The number of people using Facebook monthly climbed eight percent to 2.5 billion; for all its apps including Instagram, Messenger, and WhatsApp, the figure was 2.89 billion.

Shares, however, quickly dropped more than six percent.

“We had a good quarter and a strong end to the year as our community and business continue to grow,” said Facebook chief executive Mark Zuckerberg.

Last Update: Wednesday, 20 May 2020 KSA 10:05 - GMT 07:05