Facebook raises profit forecast as sales beat estimate, traffic shores up

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Facebook raises profit forecast as sales beat estimate, traffic shores up

On Wednesday, the 30th of October 2019, in the face of an unfathomable pressure brewed off Facebook Inc.’s planned Geneva-based crypto project Libra, the Menlo Park, CA-based social networking giant had reported its third consecutive quarterly sales growth, nonetheless, the company’s contemptuous policy on political ads had grabbed the limelight on a post-earnings’ call of Facebook CEO Zuckerberg.

According to the social networking titan’s Q3, 2019, earnings’ report that released on Wednesday (October 30th), Facebook Inc. had reported a 29 per cent upsurge of its net revenue from a figure of $17.65 a year earlier, beating an analysts’ estimate of $17.37 billion, IBES data from Refinitiv revealed.

Besides, the word’s No. 2 seller of online advertisements behind Alphabet Inc. owned Google LLC., had scored a $6.09 billion in operating profit during the third quarter of the year, beating a Wall Street estimate of $5.57 billion in profit or $1.91 per share, which in effect had torrented the share price of Facebook Inc.

more than 4 per cent in post-market trading to $196.50, which had been higher than its best-ever closing figure of $194.32 recorded on June 2018. Nonetheless, setting aside a fairly upbeat quarterly earnings’ report on Q3, 2019, Zuckerberg started off his post-earnings’ conference call by shielding the company’s policy on political ads containing false, misleading or mischievous claims saying Facebook did not want to pick sides on political speeches.