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Facebook investors shrugged off the massive ongoing document dump on Monday and instead focused on the company’s third-quarter earnings, which topped analysts’ estimates.

The company said it’s adding $50 billion to its stock buyback program, helping lift the shares about 2% in extended trading.

Here are the results.

• Earnings: $3.22 vs. $3.19 per share expected by analysts, according to Refinitiv.
• Revenue: $29.01 billion vs. $29.57 billion expected by analysts, according to Refinitiv.
• Daily active users (DAUs): 1.93 billion vs. 1.93 billion expected by analysts, according to StreetAccount.
• Monthly active users (MAUs): 2.91 billion vs. 2.93 billion expected by analysts, according to StreetAccount.
• Average revenue per user (ARPU): $10.00 vs. $10.15 expected by analysts, according to StreetAccount.

Facebook will make significant changes in the next year to focus more on its full-screen video Reels feature, which competes directly with TikTok, CEO Mark Zuckerberg told analysts on the earnings call. It’s part of an effort to make Facebook and Instagram more appealing to users between the ages of 18 and 29.

“Over the last decade as the audience that uses our apps has expanded so much and we focus on serving everyone, our services have gotten dialed to be the best for the most people who use them rather than specifically for young adults,” Zuckerberg said.

He warned that “this shift will take years, not months, to fully execute” and that ultimately...

Read Full Story: https://www.cnbc.com/2021/10/25/facebook-fb-q3-earnings-report.html